The gross Good & Services Tax (GST) collections rise 12 per cent to Rs 1.57 lakh crore in May, stated Finance Ministry in a press release launched on Thursday. The GST income collected in the month of May, 2023 is Rs 1,57,090 crore of which Central GST is Rs 28,411 crore, State GST is Rs 35,828 crore, Integrated GST is Rs 81,363 crore (together with Rs 41,772 crore collected on import of products) and cess is Rs 11,489 crore (together with Rs 1,057 crore collected on import of products).
“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 stated in a press release.
During the month, income from import of products was 12 per cent larger and the revenues from home transactions (together with import of companies) are 11 per cent larger than the revenues from these sources throughout the identical month final 12 months.
Goods and Services Tax (GST) assortment in May final 12 months was about Rs 1.41 lakh crore. Last month, GST assortment was at a document excessive of Rs 1.87 lakh crore.
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