India GST Revenue Analysis: May 2023

In May 2023, India’s Goods and Services Tax (GST) collections reached “₹1,57,090” crore, marking a significant 12% increase compared to the previous year. This performance continues a trend of robust collections, with figures consistently above “₹1.4” lakh crore for the past 14 months. Notably, this is only the fifth instance since GST’s introduction in 2017 that monthly collections have surpassed the “₹1.5” lakh crore threshold.

Breakdown of GST Collections for May 2023

The total GST revenue for May 2023, amounting to “₹1,57,090” crore, comprised several components. Central GST (CGST) collections were “₹28,411” crore, while State GST (SGST) collections totaled “₹35,828” crore. Integrated GST (IGST) reached “₹81,363” crore, including “₹41,772” crore from imported goods. Additionally, cess amounted to “₹11,489” crore, with “₹1,057” crore from imported goods. Following the IGST settlement, where “₹35,369” crore was allocated to CGST and “₹29,769” crore to SGST, the final revenue for the Central government was “₹63,780” crore, and for state governments, it was “₹65,597” crore.

Analysis of May 2023 GST Collections

May 2023’s GST collection figures signify robust economic performance, suggesting enhanced tax compliance and the efficacy of governmental initiatives. The sustained positive trend observed over the last year is indicative of healthy economic advancement and overall fiscal stability within the nation.

State-wise GST Collection Details for May 2023

In May 2023, a majority of Indian states reported growth in their GST revenues compared to May 2022. Maharashtra led with collections of “₹23,536” crore, followed by Karnataka at “₹10,317” crore, and Gujarat at “₹9,800” crore. Lakshadweep demonstrated exceptional year-on-year growth at 210%, with Ladakh also showing a substantial increase of 113%. The accompanying table details the state and union territory-wise GST collections, along with their year-on-year growth percentages.

(Amount in crores)