GST Collections Cross Rs 1.57 Lakh Crore In May, Log 12 Per Cent YoY Growth

Last month, GST collections were at a record high of Rs 1.87 lakh crore

India's GST collections in May rose 12 per cent to Rs 1.57 lakh crore, the finance ministry said on Thursday. The gross Good & Services Tax (GST) revenue collected in the month of May, 2023 is Rs 1,57,090 crore of which Central GST is Rs 28,411 crore, State GST is Rs 35,828 crore, Integrated GST is Rs 81,363 crore (including Rs 41,772 crore collected on import of goods) and cess is Rs 11,489 crore (including Rs 1,057 crore collected on import of goods).

"The revenues for the month of May 2023 are 12 per cent higher than the GST revenues in the same month last year," the ministry said in a statement. During the month, revenue from import of goods was 12 per cent higher and the revenues from domestic transactions (including import of services) are 11 per cent higher than the revenues from these sources during the same month last year.

Goods and Services Tax (GST) collections in May last year was about Rs 1.41 lakh crore. Last month, GST collections were at a record high of Rs 1.87 lakh crore. 

“The gross GST revenue collected in the month of May, 2023 is Rs 1,57,090 crore of which CGST is Rs 28,411 crore, SGST is Rs 35,828 crore, IGST is Rs 81,363 crore (including Rs 41,772 crore collected on import of goods) and cess is Rs 11,489 crore (including Rs 1,057 crore collected on import of goods),” the finance ministry said.

In May, the government settled Rs 35,369 crore to Central GST and Rs 29,769 crore to State GST from Integrated GST. As a result, the total revenue for the month post settlement was Rs 63,780 crore for the Centre and Rs 65,597 crore for State GST.

While many states posted a robust increase in their GST collections last month, as many as 22 states and Union Territories recorded less than 14 percent growth in their revenues. These include Himachal Pradesh (12 per cent), Punjab (-5 per cent), Uttarakhand (9 per cent), Haryana (9 per cent), Rajasthan (4 per cent), Uttar Pradesh (12 per cent), Nagaland (6 per cent), Manipur (-17 per cent), West Bengal (5 per cent), Jharkhand (5 per cent), and Chattisgarh (-4 per cent).

As per the 2023-24 Budget, the Centre expects its GST collections to rise by 12 percent in the current financial year.