GST Collection for May 2023 Crosses Rs 1.5 Lakh Crore Mark, Up 12%
The Goods and Services Tax (GST) collection for May 2023 has crossed the Rs 1.5 lakh crore mark, marking a significant increase of 12 percent from the previous year. The Finance Ministry has officially announced the figures, stating that the total GST collection for May 2023 is Rs 1,57,090 crore.
Key Highlights:
– The GST revenue for May 2023 is 12 percent more than the collection in May 2022.
– The Central GST collection for May 2023 is Rs 28,411 crore, while the State GST collection stands at Rs 35,828 crore.
– Integrated GST collection for May 2023 is Rs 81,363 crore, including Rs 41,772 crore collected on import of goods.
– Cess collection for May 2023 is Rs 11,489 crore, including Rs 1,057 crore collected on import of goods.
Month-wise GST collection for the current and previous financial years:
– FY 2022-23: Rs 1.68 lakh crore in April, Rs 1.41 lakh crore in May
– FY 2021-22: Rs 1,41,384 crore in April, Rs 1,02,709 crore in May, 92,849 crore in June, Rs 1,16,393 crore in July, 1,12,020 crore in August, 1,17,010 crore in September, 130,127 crores in October, 131,526 crore in November, 129,780 crores in December, 140,946 crore in January, 133,026 crore in February, and Rs 1,42,095 crore in March.
– FY 2020-21: 43,000 crores in April, 70,000 crores in May, 90,917 crore in June, 87,422 crore in July, 86,449 crores in August, 95,480 crores in September, Rs 1,05,155 crore in October, Rs 1,04,963 crore in November, Rs 1,15,174 crore in December, 1.20 crores in January, Rs 1,13,143 crore in February, and Rs 1,23,902 crore in March.
– FY 2019-20: Rs 1,13,865 crore in April, Rs 1,00,289 crore in May, Rs 99,939 crore in June, Rs 1,02,000 crore in July, Rs 98,203 crore in August, Rs 91,916 crore in September, Rs 95,380 crore in October, Rs 1,03,491 crore in November, and Rs 1,03,184 crore in December.
– FY 2018-19: 1,03,458 crore in April, 94,016 crore in May, 95,610 crore in June, 96,500 crores in July, 93,960 crores in August, 94,442 crore in September, 1,00,710 crore in October, Rs 97,637 crore in November, 94,700 crores in December, 1,02,000 crore in January, Rs 97,247 crore in February, and 1,06,577 crore in March.
– FY 2017-18: Rs 94,063 crore in July, Rs 90,669 crore in August, Rs 93,141 crore in September, Rs 83,346 crore in October, Rs 80,808 crore in November, Rs 86,703 crore in December, Rs 86,318 crore in January, and Rs 85,174 crore in February.
The increase in GST collection for May 2023 is a positive sign for the economy and the government, which has been trying to boost revenue amidst the ongoing pandemic. The figures suggest that the GST system is stabilizing and taxpayers are complying with the rules and regulations.
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