GST revenue for May down to Rs 1.57 lakh crore after record collection in April, up 12% compared to last year
State GST revenue at Rs 35,828 crore was higher than Central GST, which hit Rs 28,411 crore, while Integrated GST accounted for the lion's share of Rs 81,363 crore.
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In order to weed out fake GST registrations meant to pull of scams, officials have been paying physical visits to offices for verification. The move aimed at increasing compliance, has also raised concerns about the return of license raj among smaller entrepreneurs.
As authorities iron out issues and crack down on fraud, GST collections for May hit Rs 1.57 lakh crore, a month after a record collection of Rs 1.87 lakh crore.
Delivering revenues consistently
Although the GST revenue for May is lower than the previous month, it has gone up by 12 per cent in comparison to the same period last year.
This is also the 14 straight month that has seen GST collection remain above Rs 1.4 lakh crore.
State GST revenue at Rs 35,828 crore was higher than Central GST, which hit Rs 28,411 crore, while Integrated GST accounted for the lion's share of Rs 81,363 crore.
Tax revenues from import of goods also went up by 12 per cent in May 2023, as compared to the same month last year, and collection on domestic transactions was up 11 per cent.
Although CAIT has welcomed the drive against fake GST registrations, small businesses have been worried about unfair cancellation of licenses due to.
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