New Delhi: The Ministry of Finance revealed that India’s gross GST revenue collection for the month of May amounted to Rs 1,57,090 crore, showcasing a substantial 12% year-on-year increase. This comes after April witnessed a record-breaking GST collection of Rs 1.87 lakh crore.
Notably, May marks the 14th consecutive month where monthly GST revenue has exceeded Rs 1.4 lakh crore. Furthermore, it signifies the fifth instance since the introduction of GST in the country that gross revenue has surpassed the significant milestone of Rs 1.5 lakh crore.
A breakdown of the figures reveals that CGST contributed Rs 28,411 crore, SGST accounted for Rs 35,828 crore, IGST (including import of goods) stood at Rs 81,363 crore (with Rs 41,772 crore collected from goods imports), and cess amounted to Rs 11,489 crore (including Rs 1,057 crore from goods imports).
The Centre has allocated Rs 35,369 crore to CGST and Rs 29,769 crore to SGST from IGST. According to a press release by the ministry, after the regular settlement, the total revenue for CGST reached Rs 63,780 crore, while SGST reached Rs 65,597 crore.
In terms of comparison with the same month last year, revenue from goods imports witnessed a remarkable 12% surge, whereas domestic transactions (including import of services) reported an 11% growth, the ministry added.