GST collections rise 12% to Rs 1.57 lakh crore in May

The government’s GST collections came in at Rs 1,57,090 crore in May, marking growth of 12 per cent compared with the corresponding period a year ago, according to official data released on Thursday. That made May the fourteenth straight month where collections exceeded the Rs 1.4 lakh crore mark.  

The monthly collections exceeded the Rs 1.5 lakh crore level for a fifth time since the inception of GST, according to an official statement. 

Revenue from the import of goods was 12 per cent higher and the revenues from domestic transactions (including import of services) 11 per cent higher compared with the year-ago period, according to the statement. According to the data released by the Ministry of Finance, revenue from the import of goods increased 12 per cent.

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 ₹1,57,090 crore gross #GST revenue collected for May 2023; clocks 12% Year-on-Year growth

Monthly #GST revenues more than ₹1.4 lakh crore for 14 months in a row, with ₹1.5 lakh crore crossed for the 5th time since inception of #GST

Revenue from import of goods 12%… pic.twitter.com/7ghdLDW3jt

— Ministry of Finance (@FinMinIndia) June 1, 2023

It added that the total revenue of Centre and the states in May after regular settlement stood at Rs 63,780 crore for CGST and Rs 65,597 crore for SGST.

Punjab, Manipur and Chhattisgarh are the only states that witnessed a fall in the GST collection on a year-on-year basis. 

Monthly GST revenues stand at more than Rs 1.4 lakh crore for 14 months in a row, with a record of Rs 1.5 lakh crore being crossed for the 5th time since the introduction of GST. 

"GST revenues in May 2023 have modestly exceeded our expectations. 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," said Aditi Nayar, Chief Economist, Head - Research & Outreach, ICRA Ltd.

Also Read: India's economy likely to grow in 6.5-6.7 pc range in FY'24: CII President R Dinesh

Also Read: India's GDP grows at 6.1% in January-March 2023: Govt data