GST collection grows 12% YoY at Rs 1.57 lakh crore in May

The revenue collected from the Goods & Services Tax (GST) in May 2023 witnessed a 12% annual increase, amounting to Rs 1.57 lakh crore. The Finance Ministry disclosed that the GST collection for April 2023 reached an all-time high of Rs 1.87 lakh crore.

According to the ministry, the monthly GST revenues have exceeded Rs 1.4 lakh crore for 14 consecutive months. Furthermore, in the month of May, the GST collection surpassed Rs 1.5 lakh crore for the 5th time since the implementation of GST. It is worth noting that the GST collection in May of the previous year was approximately Rs 1.41 lakh crore.

Out of the total gross GST revenue collected in May, CGST accounted for Rs 28,411 crore, SGST amounted to Rs 35,828 crore, IGST stood at Rs 81,363 crore (including Rs 41,772 crore collected on import of goods), and cess amounted to Rs 11,489 crore (including Rs 1,057 crore collected on import of goods).

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In a press release, the ministry stated that the Centre has settled Rs 35,369 crore to CGST and Rs 29,769 crore to SGST from IGST. After the regular settlement, the total revenue for CGST in May is Rs 63,780 crore, and for SGST, it is Rs 65,597 crore, combining the revenues of the Centre and the states.

The ministry added that in the respective month, the revenue from the import of goods witnessed a 12% increase, while the revenues from domestic transactions (including import of services) were 11% higher compared to the revenues generated from these sources during the same month last year.

According to the expert, the GST revenues in May 2022 have slightly surpassed their initial projections. Looking ahead, they anticipate GST revenues to range between Rs 1.55-1.65 lakh crore over the next few months, reflecting a year-on-year expansion of 10-11%. This growth aligns closely with the anticipated nominal GDP growth for FY24.

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