Gross GST Revenue Collection Increased 12% In The Month of May 2023
In the past month, the income generated from importing goods increased by 12%, while the earnings from domestic transactions (which include the import of services) grew by 11%.
In the past month, the income generated from importing goods increased by 12%, while the earnings from domestic transactions (which include the import of services) grew by 11% compared to the earnings from these sources in the same month of the previous year.
In May 2023, the total revenue collected from the Goods & Services Tax (GST) amounted to Rs. 1,57,090 crore. Out of this, Rs. 28,411 Cr. was collected as Central GST (CGST), Rs. 35,828 Cr. as State GST (SGST), Rs. 81,363 Cr. as Integrated GST (IGST), which includes Rs. 41,772 crores collected on the import of goods. Additionally, Rs. 11,489 Cr. was collected as cess, including Rs. 1,057 Cr. collected on the import of goods.
After the regular settlement process, the government has allocated Rs. 35,369 crore to Central GST (CGST) and Rs. 29,769 Cr. to State GST (SGST) from the Integrated GST (IGST) funds.
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Consequently, the total revenue for the Centre in May 2023, after the settlement, is Rs. 63,780 Cr. for CGST, while the total revenue for the States is Rs. 65,597 crore for SGST.
In May 2023, the GST revenues experienced a 12% increase compared to the GST revenues in the same month of the previous year.
The official notifications can be accessed from the given link:
https://www.pib.gov.in/PressReleasePage.aspx?PRID=1929031
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Specifically, the revenue generated from the import of goods during the month saw a 12% growth, and the revenues from domestic transactions (including the import of services) increased by 11% compared to the revenues from these sources in the same month last year.
To understand the trends in monthly gross GST revenues during the current year, you can look at the below-mentioned chart.
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Also, Read: "GST Authorities Broadens Investigation Against Insurers".
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Krishna Gopal Varshney
An editor at MyitronlinenewsKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
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