GST Collections Surpass Rs 1.50 Trillion for Third Consecutive Month, Indicating Robust Economic Performance
Mumbai, June 2, 2023: The latest official data released on Thursday reveals that India’s Goods and Services Tax (GST) collections have exceeded Rs 1.50 trillion for the third consecutive month, with a notable 12 percent surge in May, reaching over Rs 1.57 trillion. This remarkable performance signifies the sustained economic growth observed across various states since the previous year, according to tax experts.
As per a finance ministry statement, the gross GST revenue collected in May 2023 amounted to Rs 1,57,090 crore. Among this total, the Central GST accounted for Rs 28,411 crore, the State GST stood at Rs 35,828 crore, the Integrated GST (including Rs 41,772 crore collected on import of goods) amounted to Rs 81,363 crore, and the cess (including Rs 1,057 crore collected on import of goods) reached Rs 11,489 crore.
Highlighting the notable year-on-year growth, the ministry stated, “The revenues for the month of May 2023 are 12 percent higher than the GST revenues in the same month last year.”
The report further reveals that import of goods contributed significantly to the revenue, with a 12 percent increase compared to the previous year. Additionally, domestic transactions (including import of services) saw an 11 percent rise in revenue from the same sources during May last year.
This achievement marks the third consecutive month where GST collections have surpassed Rs 1.50 trillion. In April, GST revenues had reached a record high of Rs 1.87 trillion, and in March, it amounted to Rs 1.60 trillion.
The sustained growth in GST collections reflects a positive economic trajectory and affirms the effectiveness of tax reforms in bolstering revenue generation for the nation.
Disclaimer: The information provided in this news article is based on the official data released by the finance ministry. Any opinions or interpretations expressed are solely those of the author and do not necessarily reflect the views of The Times of India newspaper.
