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Dear Professional Colleagues,

Greetings of the Day !

Ministry of Finance had issued a Press release dated June 1st, 2023, regarding gross GST revenue.

Highlights

The gross GST revenue collected in the month of May 2023 is Rs 1,57,090 crore of which,

CGST is ₹ 28,411 crore,
SGST is ₹ 35,828 crore,
IGST is ₹ 81,363 crore (including ₹ 41,772 crores collected on import of goods) and
Cess is ₹ 11,489 crore (including ₹ 1,057 crores collected on import of goods).
₹1,57,090 crore gross GST revenue collected for May 2023; clocks 12% Year-on-Year growth
Monthly GST revenues more than ₹1.4 lakh crore for 14 months in a row, with ₹1.5 lakh crore crossed for the 5th time since inception of GST
Revenue from import of goods 12% higher Y-o-Y; Domestic transactions (including import of services) revenue 11% higher Y-o-Y

The government has settled ₹35,369 crore to CGST and ₹29,769 crore to SGST from IGST. The total revenue of Centre and the States in the month of May 2023 after regular settlement is ₹63,780 crore for CGST and ₹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 table shows the state-wise figures of GST collected in each State during the month of May 2023 as compared to May 2022.

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Hope you find it interesting and useful to read.

For any clarification/ feedback, feel free to write us at amrg@amrg.in.

Best regards,

AMRG Team

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