Goods and Services Tax (GST) collections for the month of May stood at Rs 1.57 lakh crore, a growth of 12% over the year-ago period. The GST collections for May month, which pertain to business transactions done in April month, and reported in May month.
Finance Ministry said :
“The gross Goods & Services Tax (GST) revenue collected in the month of May 2023 is Rs 1,57,090 crore of which CGST is Rs 28,411 crore, SGST is Rs 35,828 crore, IGST 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),”.
GST collection in May 2022 was about Rs 1.41 lakh crore.
Last month, GST collection was at a record high of Rs 1.87 lakh crore.
The monthly GST revenue is at more than Rs 1.4 lakh crore for 14 months in a row, with Rs 1.5 lakh crore cross for the 5th time since the inception of GST.
Government has settle Rs 35,369 crore to CGST and Rs 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 Rs 63,780 crore for CGST and Rs 65,597 crore for the SGST.
Coming to state and union territory-wise growth, Lakshadweep and Ladakh lead with 210% and 113% growth in collections, follow by Chandigarh (55%), Mizoram (52%), and Arunachal Pradesh (47%) year-on-year. However, Punjab (-5%), Manipur (-17%), and Chattisgarh (-4%) have a contraction in GST collections.
During May 2023, 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, it added.
Gautam Mahanti, business head of IRIS Business Services, a private GST e-invoice service provider, said GST collections for May, which pertains to transactions done in April, the first month of the financial year is always the lowest, so, a collection of Rs 1.57 lakh crore for May which is higher than the first ten months of last FY (2022-23) is very encouraging and a sign of GDP expansion.
Vivek Jalan, Partner Tax Connect Advisory, a multi-disciplinary tax consultancy firm, said the Budget 2023 has project an uptick of 12% in GST collections in FY 23-24 against last FY.
Although GST from the import of goods and services has shown a growth of 12% this month against last month, so, the GST Collections from domestic transactions have shown a growth of 11% which is below the budget expectations which may be a point for the GST Council to ponder upon, Vivek Jalan said.
