Goods and Services Tax (GST) collection stood at Rs 1.57 lakh crore in May with a growth of 12 per cent. This is the third consecutive month when the GST collection has been above Rs 1.50 lakh crore. The Finance Ministry gave this information on Thursday.
Experts say that this explains the continuous good economic performance in all the states for the last one year. The GST collection in May 2022 was Rs 1.41 lakh crore. Earlier in April 2023, the GST collection record reached Rs 1.87 lakh crore.
The ministry said that the gross GST revenue in May stood at Rs 1,57,090 crore. Of this, Central GST is Rs 28,411 crore, State GST is Rs 35,828 crore and Integrated GST is Rs 81,363 crore (including Rs 41,772 crore collected on import of goods) and Cess Rs 11,489 crore (including Rs 1,057 crore collected on import of goods).
The ministry said in a statement, “The revenue in May, 2023 is 12 percent more than the GST revenue collection in the same month last year.” During this period, the revenue on import of goods has been higher by 12 percent as compared to the same month last year and the revenue on domestic transactions (including import of services) has been higher by 11 percent.
May is the third consecutive month when the GST collection has crossed Rs 1.50 lakh crore. Earlier in April, the GST collection had reached a record level of Rs 1.87 lakh crore while in March it was Rs 1.60 lakh crore.
May is the 14th consecutive month with GST collection of more than Rs 1.40 lakh crore. After the implementation of GST on July 1, 2017, the GST collection has crossed the figure of 1.50 lakh crore five times.