GST Collections Cross Rs 1.57 Lakh Crore In May, Up 12% YoY

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.

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 Rs 65,597 crore for the SGST.

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