Economy
GST Collection Grows 12 Per Cent To Reach Rs 1.57 Lakh Crore In May, Remains Above Rs 1.4 Lakh Crore For 14th Consecutive Month
GST collections on the surge
In May, India's gross Goods & Services Tax (GST) collections witnessed a growth of 12 per cent, crossing Rs 1.57 lakh crore.
The increase in revenue was driven by an 11 per cent rise in taxes from domestic transactions, while taxes from imports saw a substantial growth of 12 per cent compared to the previous year.
This marks the 14th consecutive month where GST revenues have exceeded Rs 1.4 lakh crore and the fifth instance where they surpassed Rs 1.5 lakh crore.
During the month, the government allocated Rs 35,369 crore towards CGST (Central Goods and Services Tax) and Rs 29,769 crore towards SGST (State Goods and Services Tax) from the total Integrated GST (IGST) collections of Rs 81,363 crore. Import taxes accounted for slightly over 51 per cent of the IGST collections for the month.
The growth in revenue from goods imports, which stood at 12 per cent, marks a reversal from a three-month period of declining growth that culminated in a 4.5 per cent contraction in April. This positive trend could suggest a recovery in discretionary domestic demand.
Between April 2022 and January 2023, revenue from goods imports witnessed a significant increase of 29 per cent, while taxes from domestic transactions and service imports rose by 22 per cent.
However, the months of February and March saw a modest uptick of only 6 per cent and 8 per cent respectively in taxes on goods imports.
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