Piyush Goyal says GST collection likely to remain above Rs 1.5 lakh crore mark going ahead

Union Minister Piyush Goyal on Thursday told reporters in New Delhi that the country's goods and services tax (GST) collections are likely to remain above Rs 1.5 lakh crore mark going ahead on the back of strong economic reforms undertaken by Prime Minister Narendra Modi's government over the last nine years.

GST collection in May rose 12 per cent to Rs 1.57 lakh crore, the finance ministry said. 

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).

During the month, revenue from imports of goods was 12 per cent higher and the revenues from domestic transactions (including imports of services) were 11 per cent higher than the revenues from these sources during the same month last year.

The Goods and Services Tax (GST) collection in May last year was about Rs 1.41 lakh crore.

Speaking about various economic reforms undertaken in the last nine years, Goyal said that the government took various steps for the benefit of people. For the real estate sector, the government brought the Real Estate Regulation Act (RERA) to weed out black money in the real estate sector. 

The government brought the digitisation of social benefit transfers via direct benefit transfer (DBT) and these steps have helped people in a great way.