[ad_1]
The collections, tax experts said, reflects a continuation of the good economic performance across states witnessed since last year.
The gross Good & Services Tax (GST) revenue collected in the month of May, 2023 is Rs 1,57,090 crore of which Central GST is Rs 28,411 crore, State GST is Rs 35,828 crore, Integrated GST is Rs 81,363 crore (including Rs 41,772 crore collected on import of goods) and cess is Rs 11,489 crore (including Rs 1,057 crore collected on import of goods), a finance ministry statement said.
“The revenues for the month of May 2023 are 12 per cent higher than the GST revenues in the same month last year,” the ministry said.
May is the third month in a row that tax collections from goods sold and services rendered have crossed Rs 1.50 trillion. In April GST revenues had touched a record high of Rs 1.87 trillion, while in March it was Rs 1.60 trillion.
KPMG in India National Head (Indirect Taxes) Abhishek Jain said the GST collection matches with the government budget estimates for this fiscal.
Deloitte India Partner M S Mani said these collections, while being lower than the previous year-end month, pertain to supply transactions undertaken in April.
ICRA Chief Economist Aditi Nayar said GST revenues in May 2023 have modestly exceeded expectations.
EY Tax Partner Saurabh Agarwal said GST collection figures for May 2023 further strengthen the belief in India’s macroeconomic stability and continued growth momentum as we see a 12 per cent YoY growth.
Tax Connect Advisory Partner Vivek Jalan said the budget 2023 has projected an uptick of 12 per cent in GST collections in FY23-24 vis-a-vis last financial year.
Although GST from import of goods and services has shown a growth of 12 per cent this month vis-a-vis last month, the collection from domestic transactions has shown a growth of 11 per cent which is below the budget expectations, which maybe a point for the GST Council to ponder upon, Jalan added.
[ad_2]
Source link