GST collections above Rs 1.5 lakh cr for 3rd mth

GST collections crossed Rs1.50 lakh crore for the third month in a row, recording a 12 per cent increase in May at over Rs 1.57 lakh crore, according to the official data released on Thursday. The collections, tax experts said, reflect a continuation of the good economic performance across states witnessed since last year. The gross Good & Services Tax (GST) revenue collected in the month of May 2023 is Rs1,57,090 crore, of which Central GST is Rs 28,411 crore, State GST is Rs35,828 crore, Integrated GST is Rs81,363 crore (including Rs 41,772 crore collected on import of goods) and Cess is Rs11,489 crore (including Rs1,057 crore collected on import of goods), a finance ministry statement said.

“The revenues for the month of May 2023 are 12 per cent higher than the GST revenues in the same month last year,” the ministry said.

During the month, revenue from import of goods was 12 per cent higher and the revenues from domestic transactions (including import of services) are 11 per cent higher than the revenues from these sources during the same month last year. May is the third month in a row that tax collections from goods sold and services rendered have crossed Rs1.50 lakh crore. In April GST revenues had touched a record high of Rs1.87 lakh crore, while in March it was Rs 1.60 lakh crore. May is the 14thmonth in a row when monthly GST revenues came in more than Rs1.4 lakh crore. Collections have crossed the Rs1.5 lakh crore-mark for the 5thtime since the implementation of GST on July 1, 2017.

KPMG in India National Head (Indirect Taxes) Abhishek Jain said the GST collection matches with the government budget estimates for this fiscal.

“With extensive department GST audits lined up before September 2023, these figures may likely go up from here in the months to come,” Jain added. Deloitte India Partner M S Mani said these collections, while being lower than the previous year-end month, pertain to supply transactions undertaken in April. “While the collections in absolute terms are lower than the previous month -- which had an embedded year-end impact -- it reflects a continuation of the inherently good economic performance across states witnessed since last year,” Mani added.