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The Goods and Services Tax (GST) revenue collection in May 2023 was Rs 157,090 crore, which is 12% higher than the GST revenue collection in May 2022.
The revenue from import of goods was 12% higher in May 2023, while the revenue from domestic transactions (including import of services) was 11% higher than in May 2022.
Of the total GST collection in May 2023, Rs 28,411 crore was Central GST (CGST), Rs 35,828 crore was State GST (SGST), Rs 81,363 crore was Integrated GST (IGST), and Rs 11,489 crore was cess.
The highest ever GST collection was in April 2023, at Rs 187,035 crore. This was Rs 19,495 crore more than the next highest collection of Rs 167,540 crore in April 2022.
The increase in GST revenue collection in May 2023 is a positive sign for the Indian economy. It indicates that economic activity is picking up and that businesses are generating more revenue. This is likely due to a number of factors, including the government's economic reforms, the improvement in the global economy, and the festive season in India.
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