GST Collections of May 2023

May 2023 recorded a GST collection of Rs.1,57,090 crore, clocking a 12% year-on-year growth. The collections have been seeing healthy figures since the past 14 months of Rs.1.4 lakh crore or higher. However, this is only the fifth month since the inception of GST in 2017 that the collections have crossed the Rs.1.5 lakh crore mark.

Break-up of GST Collections for May 2023

The GST collection for May 2023 was Rs.1,57,090 crore. Of which, the CGST collection amounted to Rs.28,411 crore, the SGST collections amounted to Rs.35,828 crore, and the IGST collected was Rs.81,363 crore (which includes Rs.41,772 crore collected on the import of goods. The total cess collected amounted to Rs.11,489 crore (which includes Rs.1,057 crore collected on import of goods).

From the IGST collection, the government settled Rs.35,369 crore towards CGST and Rs.29,769 crore towards SGST. Post the regular settlement, the total revenues of the Centre and the states stood at Rs.63,780 crore and Rs.65,597 crore for CGST and SGST, respectively.

Analysis of the GST collections for May 2023

The GST collections for May 2023 indicate strong economic activity. The figures reflect increased compliance and highlight the effectiveness of the ongoing measures taken by the government. The healthy trends of the past year are definitely a positive sign for the country and demonstrate good economic progress and overall fiscal stability.

The following graph displays the trends in GST revenue collections over the past year.

(Source: PIB)

State-wise Break-up of GST Collection for May 2023

Most Indian states recorded a positive growth in GST revenues in May 2023 against the collections from May 2022. Maharashtra was once again the highest-earning state at Rs.23,536 crore, followed by Karnataka at Rs.10,317 crore and Gujarat at Rs.9,800 crore. Lakshadweep saw the highest year-on-year growth at 210%, followed by Ladakh with an impressive 113%. 

The table below displays the state-wise GST collections and indicates the year-on-year growth.

(Amount in crores)

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