GST Revenue Records 12% YoY Growth At 1.57 Lakh Cr In May

The gross Goods & Services Tax (GST) revenue recorded at 1,57,090 crore in May 2023, according to the data the Ministry of Finance released on Thursday.

As per the release, CGST is Rs 28,411 crore, SGST is Rs 35,828 crore, IGST is Rs 81,363 crore (including Rs 41,772 crore collected on import of goods) and cess is Rs 11,489 crore (including Rs 1,057 crore collected on import of goods).

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

The revenues for the month of May 2023 are 12 per cent higher than the GST revenues in the same month last year. During the month, income from the import of goods was 12 per cent higher and the revenues from domestic transactions (including the import of services) were 11 per cent higher than the revenues from these sources during the same month last year.

Aditi Nayar, Chief Economist, Head - Research & Outreach at Icra said that the GST revenues in May 2022 have modestly exceeded our expectations. 

"Over the next few months, we expect GST revenues to print at Rs 1.55-1.65 trillion and record an expansion of 10-11 per cent in YoY terms, broadly in line with the nominal GDP growth expected in FY2024," Nayar added.