The revenue collected from the Goods & Services Tax (GST) in May 2023 witnessed a 12% annual increase, amounting to Rs 1.57 lakh crore. The Finance Ministry disclosed that the GST collection for April 2023 reached an all-time high of Rs 1.87 lakh crore.
According to the ministry, the monthly GST revenues have exceeded Rs 1.4 lakh crore for 14 consecutive months. Furthermore, in the month of May, the GST collection surpassed Rs 1.5 lakh crore for the 5th time since the implementation of GST. It is worth noting that the GST collection in May of the previous year was approximately Rs 1.41 lakh crore.
Out of the total gross GST revenue collected in May, CGST accounted for Rs 28,411 crore, SGST amounted to Rs 35,828 crore, IGST stood at Rs 81,363 crore (including Rs 41,772 crore collected on import of goods), and cess amounted to Rs 11,489 crore (including Rs 1,057 crore collected on import of goods).
To Read More Click Here...