The Finance Ministry has released data indicating that the country’s gross Goods & Services Tax (GST) revenue collected in May this year has shown a 12% increase compared to the same month last year, surpassing the Rs 1,57,000 million mark.
For the past 14 consecutive months, monthly GST revenues have consistently exceeded Rs 1,40,000 million, indicating strong economic activity in the country.
This is only the 5th time since the introduction of GST that the collection has crossed Rs 1,50,000 million.
The government has allocated Rs 53,690 million to Central GST and Rs 2,97,690 million to State GST from IGST. After the regular settlement, the total revenue for CGST in May 2023 is Rs 63,780 million, and for SGST, it is Rs 65,597 million.
In terms of revenue sources, during the month, revenue from import of goods has increased by 12%, while revenue from domestic transactions (including import of services) has increased by 11% compared to the same month last year, as stated by the finance ministry.
