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Another good news for Modi government, GST collection at record level

Rachna Kumari
Another good news for Modi government GST collection at record level
Another good news for Modi government GST collection at record level

In April 2023, the GST collection record reached Rs 1.87 lakh crore. The ministry said that the total GST revenue in May stood at Rs 1,57,090 crore.

With the reduction in the inflation rate for the Modi government, good news has also come on the GST front. Goods and Services Tax (GST) collection stood at Rs 1.57 lakh crore in May with an increase of 12 percent. This is the third consecutive month when the GST collection has been above Rs 1.50 lakh crore. Information about this was given by the Ministry of Finance. Experts say that this shows the continuous good economic performance in all the states for the last one year.

GST collection in May 2022 stood at Rs 1.41 lakh crore

The GST collection in May 2022 was Rs 1.41 lakh crore. Earlier in April 2023, the GST collection record reached Rs 1.87 lakh crore. The ministry said that the total GST revenue in May stood at Rs 1,57,090 crore. This includes Central GST (CGST) Rs 28,411 crore, State GST (SGST) Rs 35,828 crore and Integrated GST (IGST) Rs 81,363 crore (including Rs 41,772 crore collected on import of goods) and Cess Rs 11,489 crore (collected on import of goods 1,057 crore) including Rs.

GST collection increased for the third consecutive month

,the ministry said in the statement, 'The revenue in May, 2023 is 12 percent more than the GST collection of the same month last year.' During this period, the revenue on import of goods has been higher by 12 percent as compared to the same month last year and the revenue on domestic transactions (including import of services) has been higher by 11 percent. May is the third consecutive month when the GST collection has crossed Rs 1.50 lakh crore. Earlier in April, the GST collection had reached a record level of Rs 1.87 lakh crore while in March it was Rs 1.60 lakh crore.

May is the 14th consecutive month with GST collection of more than Rs 1.40 lakh crore. After the implementation of GST on July 1, 2017, the GST collection has crossed the figure of 1.50 lakh crore five times. Abhishek Jain, head of KPMG in India, said that the GST collection is in line with the government's budget estimates for this financial year. He said, 'GST audits are to be done on a large scale before September 2023, due to which the figure may go up in the coming months.'