May GST revenue surges 12% to ₹1.57 lakh cr

The government collected gross Goods & Services Tax (GST) of ₹1,57,090 crore in May 2023, recording 12% year-on-year growth, the Ministry of Finance data shows. The monthly GST collection stood at a whopping ₹1,87,035 crore in April 2023.

With this, the monthly GST revenue was recorded as more than ₹1.4 lakh crore for 14 months in a row, and it crossed ₹1.5 lakh crore mark for the 5th time since the inception of the GST regime in the country.

The GST revenue from the import of goods grew 12% Y-o-Y, while domestic transactions revenue, including the import of services, saw a growth of 11% higher Y-o-Y. "The revenues for the month of May 2023 are 12% higher than the GST revenues in the same month last year. During the month, revenue from import of goods was 12% higher and the revenues from domestic transactions (including import of services) are 11% higher than the revenues from these sources during the same month last year," the ministry said.

Of the entire GST collection for May 2023, CGST (Central Goods and Services Tax) stood at ₹28,411 crore, SGST (State Goods and Services Tax) at ₹35,828 crore, IGST (Integrated Goods and Services Tax) at ₹81,363 crore, including ₹41,772 crore collected on import of goods. The Centre collected cess worth ₹11,489 crore, including ₹1,057 crore collected on import of goods.

The government also settled ₹35,369 crore to CGST and ₹29,769 crore to SGST from IGST. The total revenue of the Centre and the states in May 2023 after regular settlement is ₹63,780 crore for CGST and ₹65,597 crore for the SGST.

The state-wise growth of GST revenues during May 2023 shows Delhi, Maharashtra, and Gujarat recording an annual growth rate of 25%, 16%, and 5%, respectively.

State goods and services tax (SGST) revenue of 6 states, which account for the maximum amount of GST collection shows the revenue has increased 19.27% in FY23.

As per the annual accounts data released by the Comptroller and Auditor General (CAG), the SGST collection by Maharashtra, Tamil Nadu, Gujarat, Karnataka, Uttar Pradesh, and Rajasthan was ₹4.45 lakh crore against ₹3.73 lakh crore in the previous year.

Maharashtra has seen the maximum growth of 24.61% with a total SGST collection FY23 of ₹1.21 lakh crore against ₹97,304 crore in FY22.

“Maharashtra is a key state for domestic and foreign investments. The GST department has stepped up vigilance and cracked down on defaulters. The state's e-way bill generations for FY23 accounted for 15 crore which is an increase of 27% from the previous year. We are confident of increasing the GST revenue in the current financial year,” a senior Maharashtra Secretariat official told Fortune India.