GST Collection Crosses Rs 1.57 Lakh Crore Mark in May

The Goods and Services Tax (GST) revenue surpassed the significant milestone of Rs 1.57 lakh crore in May, marking the fifth time it has achieved this feat since the inception of GST, as announced by the Ministry of Finance on June 1. 

Although slightly lower than April’s record collection of Rs 1.87 lakh crore, the government has maintained monthly GST revenues above Rs 1.4 lakh crore for a remarkable 14 consecutive months. Let’s delve into the details of this achievement.

GST Collections in May:

In May 2023, the gross GST revenue collected amounted to Rs 1,57,090 crore. This total includes Rs 28,411 crore of CGST, Rs 35,828 crore of SGST, Rs 81,363 crore of IGST (including Rs 41,772 crore collected on import of goods), and Rs 11,489 crore of cess (including Rs 1,057 crore collected on import of goods). This figure reflects a 12% increase compared to May 2022.

Revenue Settlement:

The government disbursed Rs.35,369 crore to Central GST and Rs.29,769 crore to State GST from the Integrated GST in May. Consequently, the total revenue post-settlement was Rs 63,780 crore for the Centre and Rs 65,597 crore for the State GST.

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