GST revenue collection up 12% YoY at Rs 1.57 lakh crore in May

The gross Good & Services Tax (GST) revenue collected in the month of May 2023 is ₹1,57,090 crore, up by 12% YoY, of which CGST is ₹28,411 crore, SGST is ₹35,828 crore, IGST is ₹81,363 crore (including ₹41,772 crores collected on import of goods) and cess is ₹11,489 crore (including ₹1,057 crore collected on import of goods).

The government has settled ₹35,369 crore to CGST and ₹29,769 crore to SGST from IGST. The total revenue of the Centre and the States in the month of May 2023 after the regular settlement is ₹63,780 crore for CGST and ₹65,597 crore for the SGST.

The revenues for the month of May 2023 are 12% higher than the GST revenues in the same month last year. During the month, revenue from the 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.

Source: Media reports