GST collection grows 12% YoY at Rs 1.57 lakh crore in May: Finance Ministry, ETCFO


<p>GST collection grows 12% YoY at Rs 1.57 lakh crore in May: Finance Ministry</p>
GST collection grows 12% YoY at Rs 1.57 lakh crore in May: Finance Ministry

India’s gross Goods and Services Tax (GST) revenue collection in the month of May stood at Rs 1,57,090 crore, registering a rise of 12 per cent on a year-on-year basis, the Ministry of Finance said on Thursday.

The GST collections for the month of April 2023 was recorded at Rs 1.87 lakh crore, the highest ever.

This was the 14th successive month that GST revenues have been over Rs 1.4 lakh crore and the fifth occasion that they had surpassed the Rs 1.5 lakh crore mark.

Of the total gross GST revenue collected in May 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 government has settled Rs 35,369 crore to CGST and Rs 29,769 crore to SGST from IGST. The total revenue of Centre and the States in the month of May 2023 after regular settlement is Rs 63,780 crore for CGST and Rs65,597 crore for the SGST,” the Finance Ministry said in a statement.

During the month, revenue from import of goods was 12% higher and the revenues from domestic transactions (including import of services) were 11% higher than the revenues from these sources during the same month last year, the ministry added.

  • Published On Jun 1, 2023 at 07:24 PM IST

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