GST collection rises 12% to ₹1.57 lakh crore in May: Finance Ministry

GST collection in May rose 12 per cent to ₹1.57 lakh crore, the finance ministry said on Thursday.

The gross Good & Services Tax (GST) revenue collected in the month of May, 2023 is ₹1,57,090 crore of which Central GST is ₹28,411 crore, State GST is ₹35,828 crore, Integrated GST is ₹81,363 crore (including ₹41,772 crore collected on import of goods) and cess is ₹11,489 crore (including ₹1,057 crore collected on import of goods).

“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 in a statement.

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.

Goods and Services Tax (GST) collection in May last year was about ₹1.41 lakh crore.

Last month, GST collection was at a record high of ₹1.87 lakh crore.