INR 1,57,090 crore gross GST revenue collected for May 2023; clocks 12% YoY growth

The gross Good & Services Tax (GST) revenue collected in the month of May, 2023 is INR 1,57,090 crore of which CGST is INR 28,411 crore, SGST is INR 35,828 crore, IGST is INR 81,363 crore (including INR 41,772 crore collected on import of goods) and cess is INR 11,489 crore (including INR 1,057 crore collected on import of goods).

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

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

The chart below shows trends in monthly gross GST revenues during the current year.

The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1929031