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GST Revenue Collection for May Up 12% YoY at Rs 1.57 Lakh Crore

The Goods and Services Tax (GST) revenue collection for May has witnessed a significant increase, marking the 15th consecutive month that the monthly collection has exceeded the Rs 1.4-lakh-crore milestone. Despite a slight dip from April’s record-breaking collection of Rs 1.87 lakh crore, the Ministry of Finance announced that the GST revenue for May stood at Rs 1.57 lakh crore. This article delves into the details of the latest GST collection figures, compares them with the previous year, and provides insights into the economic performance across states.

May GST Collection and Breakdown

The Ministry of Finance reported that the gross GST revenue collected in May 2023 amounted to Rs 1,57,090 crore.

GST Revenue Collection for May Up 12% YoY at Rs 1.57 Lakh Crore_40.1
GST Revenue Collection for May Up 12% YoY at Rs 1.57 Lakh Crore

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The breakdown of the collection is as follows:

  • CGST (Central Goods and Services Tax): Rs 28,411 crore
  • SGST (State Goods and Services Tax): Rs 35,828 crore
  • IGST (Integrated Goods and Services Tax): Rs 81,363 crore (including Rs 41,772 crore from import of goods)
  • Cess: Rs 11,489 crore (including Rs 1,057 crore from import of goods)

Comparison with Previous Year:

The latest GST collection figure for May 2023 represents a growth of 12 percent compared to May 2022. This positive trend highlights the consistent growth and resilience of the GST system.

Revenue Settlement

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

Economic Performance and State Variations

While the absolute collections for May were lower than the previous month, which can be attributed to year-end factors, the overall economic performance across states remains strong. Several states witnessed robust growth in their GST collections.

However, 22 states and Union Territories recorded growth rates of less than 14 percent. Notable states with lower growth rates include Himachal Pradesh (12 percent), Punjab (-5 percent), Uttarakhand (9 percent), Haryana (9 percent), Rajasthan (4 percent), Uttar Pradesh (12 percent), Nagaland (6 percent), Manipur (-17 percent), West Bengal (5 percent), Jharkhand (5 percent), and Chhattisgarh (-4 percent).

Outlook for the Current Financial Year

According to the 2023-24 Budget, the Centre expects a 12 percent increase in GST collections during the current financial year. This projection aligns with the consistent growth observed in GST revenue over the past months.

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