GST mop up at all-time high of Rs 18 trillion in FY23, shows data

In the just concluded FY23, GST collection crossed Rs 18 trillion – a record since the inception of the new indirect tax regime –which would complete six years on July 1. This was also a significant year in terms of the average monthly collections that crossed Rs 1.51 trillion for the fourth time in March.

The data shows collections in the pandemic year FY21 declined, but bounced back in subsequent years, indicating resilience in the economy amid external headwinds.