Monday, April 15, 2024

GST collections for May fell 19% to Rs 1,57,090 crore

The gross Goods and Services Tax (GST) revenue collections for May fell by 19 per cent to Rs 1,57,090 crore. The figures had touched their highest-ever level of Rs 1,87,035 crore in April.

Out of the total GST collections of Rs 1,57,090 crore for May, CGST was Rs 28,411 crore, SGST was Rs 35,828 crore, IGST was Rs 81,363 crore (including Rs 41,772 crore collected on import of goods) and cess was Rs 11,489 crore (including Rs 1,057 crore collected on import of goods).

The gross GST revenue for April had stood at Rs 1,87,035 crore, which was 16.8 per cent more than the Rs 1,60,122 crore of gross GST collected for March.

The gross GST collections in April were also an all-time high, Rs 19,495 crore more than the previous highest collection of Rs 1,67,540 lakh crore, which was recorded in April 2022.

It was also for the first time that gross GST collections had crossed Rs 1.75 lakh crore mark, official sources said.

Meanwhile, the government has settled Rs 35,369 crore to CGST and Rs 29,769 crore to SGST from IGST.

The total revenue of Centre and the states in the month of May after regular settlement was Rs 63,780 crore for CGST and Rs 65,597 crore for SGST.

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