GST collections rise 11.52%, cross over Rs 1.57 lakh crore in May

June 1, 2023: The gross good and services tax (GST) revenue collected in May 2023 is Rs 1,57,090 crore, the finance ministry said in a statement today. Of this, the central goods and services tax (CGST) is Rs 28,411 crore while the state GST (SGST) is Rs 35,828 crore. The integrated GST (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 the CGST and Rs 29,769 crore to the SGST from the IGST. The total revenue of Centre and states in the month after regular settlement is Rs 63,780 crore for the CGST and Rs 65,597 crore for the SGST.

The revenues for the month of May 2023 are 11.52% 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,” the ministry said.

May was the 14th successive month that GST revenues have been over Rs 1.4 lakh crore. Also, it was the fifth occasion that they had surpassed the Rs 1.5-lakh-crore mark.

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