GST collection rises 12% to Rs 1.57 lakh-crore in May

GST collection in May rose 12 per cent to Rs 1.57 lakh crore, the Union Finance Ministry said on Wednesday.

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).

“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.

“GST revenues in May 2023 have modestly exceeded our expectations,” said Aditi Nayar, Chief Economist, Head – Research & Outreach, ICRA Ltd. “Over the next few months, we expect GST revenues to print at Rs 1.55-1.65 trillion and record an expansion of 10-11% in YoY terms, broadly in line with the nominal GDP growth expected in FY2024.”

GST collection in May last year was about Rs 1.41 lakh crore. Last month, GST collection was at a record high of Rs 1.87 lakh crore.