May GST income hit Rs 1.57 lakh crore, growth strong at 12%

GST collection in May rose 12% to Rs 1.57 lakh crore, the finance ministry said on Thursday.

The gross Good & Services Tax (GST) revenue collected in the month of May, 2023 is Rs 1,57,090 crore of which Central GST is Rs 28,411 crore, State GST is Rs 35,828 crore, Integrated GST 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).

"The revenues for the month of May 2023 are 12% higher than the GST revenues in the same month last year," the ministry said in a statement.

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.

Goods and Services Tax (GST) collection in May last year was about R 1.41 lakh crore.

Last month, GST collection was at a record high of Rs 1.87 lakh crore.