GST collection shoots past Rs 1.57 lakh crore in May

The country’s gross Goods & Services Tax (GST) revenue collected in the month of May this year registered a 12% growth over the same month last year to shoot past Rs 1.57 lakh crore mark, according to data released by the Finance Ministry today.

Monthly GST revenues of more than Rs 1.4 lakh crore have been recorded for 14 consecutive months now, reflecting the robust pace of economic activity taking place in the country.

The collection of Rs 1.5 lakh crore has been crossed for only the 5th time since the inception of GST.

The government has settled Rs 5,369 crore to Central GST andRs Rs 29,769 crore to State GST 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 official statement explained.

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 finance ministry statement added.