NEW DELHI: India’s goods and services tax (GST) collections in May rose 12% year-on-year to 1.57 trillion rupees ($19.06 billion), a government statement showed on Thursday.
The government collected 1.41 trillion rupees as GST in May 2022 and a record 1.87 trillion rupees in April.
It expects to garner 9.56 trillion rupees through GST in 2023/24.
The western state of Maharashtra clocked a 16% year-on-year growth in tax receipts to 235.36 billion rupees in May, while the southern states of Karnataka and Tamil Nadu recorded increases of 12% and 13%, respectively.
India records strong 7.2% annual growth, among fastest-expanding major economies
The growth in GST collections meets expectations and the trend matches the government’s budget estimates for 2023/24, said Abhishek Jain, indirect tax head at KPMG in India.
He said that the tax collections may go up in the coming months.