GST collections in May cross Rs 1.57 lakh crore, up 12% YoY

GST

The revenue from Goods and Services Tax (GST) crossed Rs 1.57 lakh crore- mark in May for the fifth time since inception of GST, Ministry of Finance said on June 1.

At Rs 1.57 lakh crore, the GST collected in May is lower than April’s record Rs 1.87 lakh crore. However, the government has collected monthly GST revenues more than Rs 1.4 lakh crore for 14 months in a row now.

Compared to May 2022, the latest GST collections figure is up 12 percent.

“The gross GST revenue collected in the month of May, 2023 is Rs 1,57,090 crore of which CGST is Rs 28,411 crore, SGST is Rs 35,828 crore, 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 finance ministry said.

In May, the government settled Rs 35,369 crore to Central GST and Rs 29,769 crore to State GST from Integrated GST. As a result, the total revenue for the month post settlement was Rs 63,780 crore for the Centre and Rs 65,597 crore for State GST.

"While the collections in absolute terms are lower than the previous month - which had an embedded year-end impact - it reflects a continuation of the inherently good economic performance across states witnessed since last year," said MS Mani, Partner, Deloitte India on GST collections data.

While many states posted a robust increase in their GST collections last month, as many as 22 states and Union Territories recorded less than 14 percent growth in their revenues. These include Himachal Pradesh (12 percent), Punjab (-5 percent), Uttarakhand (9 percent), Haryana (9 percent), Rajasthan (4 percent), Uttar Pradesh (12 percent), Nagaland (6 percent), Manipur (-17 percent), West Bengal (5 percent), Jharkhand (5 percent), and Chhattisgarh (-4 percent).

As per the 2023-24 Budget, the Centre expects its GST collections to rise by 12 percent in the current financial year.