GST mop-up crosses Rs 1.5L cr for third month in a row, up 12% in May
New Delhi: GST collections crossed Rs 1.50 lakh crore for the third month in a row, recording a 12 per cent increase in May at over Rs 1.57 lakh crore, according to the official data released on Thursday.
The collections, tax experts said, reflects a continuation of the good economic performance across states witnessed since last year.
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), a finance ministry statement said.
“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.
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.
May is the third month in a row that tax collections from goods sold and services rendered have crossed Rs 1.50 lakh crore. In April GST revenues had touched a record high of Rs 1.87 lakh crore, while in March it was Rs 1.60 lakh crore.
May is the 14th month in a row when monthly GST revenues came in more than Rs 1.4 lakh crore. Collections have crossed the Rs 1.5 lakh crore-mark for the 5th time since the implementation of GST on July 1, 2017.
