GST revenue collection for May reaches over Rs 1.57 lakh cr

New Delhi: The Ministry of Finance in a statement said that the GST revenue collection for the month of May 2023 has surged to Rs 1.57 lakh crore. The collection comprises Central GST (CGST) of Rs 28,411 crore, State GST (SGST) of Rs 35,828 crore, Integrated GST (IGST) of Rs 81,363 crore (including Rs 41,772 crore from import of goods), and cess of Rs 11,489 crore (including Rs 1,057 crore from import of goods).

Govt has allocated Rs 35,369 cr to CGST

As part of the GST settlement process, the government has allocated Rs 35,369 crore to CGST and Rs 29,769 crore to SGST from IGST. Consequently, the total revenue for the Centre and the States in May 2023 stands at Rs 63,780 crore for CGST and Rs 65,597 crore for SGST, after accounting for regular settlements.

GST revenue collection sees growth of 12%

The GST revenue collection for May exhibits a robust growth of 12 percent compared to the same month last year. Import of goods contributed significantly to this growth, with revenue from such transactions increasing by 12 percent. Additionally, revenues from domestic transactions, including import of services, rose by 11 percent compared to May 2022.

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