GST Collections Stay Above Rs 1.4 Lakh Crore For Fourth Month In A Row

Indian rupee coins. (Photo: Rupixen/Unsplash)

The government's goods and service tax collection remained above Rs 1.4 lakh crore for the fourth straight month in a row.

The GST revenue for May, collected in June, stood at Rs 1,44,616 crore, according to a statement by the finance ministry. That is a 56% increase year-on-year and 2.6% over the previous month.

Revenue from import of goods was 55% higher and the revenue from domestic transaction (including import of services) was 56% higher than the year earlier, the statement said.

The average monthly gross GST collection for the first quarter of the FY23 has been Rs 1.51 lakh crore, an increase of 37% over the year earlier.

"Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST," the statement said.

Break-Up Of GST Collection

Central GST: Rs 25,306 crore.
State GST: Rs 32,406 crore.
Integrated GST: Rs 75,887 crore, including Rs 40,102 crore collected on imports.
Cess: Rs 11,018 crore including Rs 1197 crore from imports.
*The gross cess in June is the highest since inception.

Finance Minister Niramala Sitharaman said the figures have broken the trend of usual low collection observed in May and June, in the past. Business activity evidenced by e-way bills for May stood at Rs 7.3 crore, marginally less than Rs 7.4 crore in April 2022.

Among states, Uttrakhand reported the highest year-on-year GST revenue growth at 82% at Rs 1281 crore, albeit on a lower base of Rs 702 crore. Uttrakhand's Finance Minister Prem Chand Agarwal was among the leaders who pitched for an extension of the GST compensation cess to states in the 47th GST Council meeting held this week.

Haryana (77%) , Karnataka (73%) and Maharashtra (63%) were other states that saw a year-on-year rise in GST revenue.

Haryana