The Goods and Services Tax (GST) revenue crossed ₹1.57 lakh crore in May, an 11.5% year-on-year increase and the fifth highest in 69 months since the new tax regime was rolled out, according to data released by the finance ministry.
Though the collection was substantially lower than the highest-ever monthly collection of ₹1.87 lakh crore in April, this was mainly because April collections are boosted by additional financial year-end receipts in March. Revenues of a particular month reflect actual business transactions of the preceding month.
The annualised growth in May was similar to the year-on-year growth of 11.6% in April, showing a sustained growth momentum on the back of India's robust economic performance amid global headwinds, experts said. The Indian economy grew at 7.2% in 2022-23, surpassing the government's own projection of 7%.
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