Tripura recorded higher than the national average growth rate in the gross Goods & Services Tax (GST) revenues for the month of May 2023 compared to the GST revenues in the same month last year.
Tripura witnessed a 14 percent growth the GST revenue in May 2023 whereas the national average stands at 12 percent in May 2023 when compared with May 2022.
In May 2022, Tripura earned Rs 65 crore in GST revenues. However, the GST revenues are up by 14 percent in May 2023 and stand at Rs 75 crore.
According to a PIB Press release issued from New Delhi on June 1, the gross Goods & Services Tax (GST) revenue collected in the country in the month of May 2023 is Rs 1,57,090 crore of which CGST is Rs 28,411 crore, SGST is Rs 35,828 crore, IGST 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).
The government has settled Rs 35,369 crore to CGST and Rs 29,769 crore to SGST from IGST. Centre and the States’ total revenue in May 2023 after the regular settlement is Rs 63,780 crore for CGST and Rs 65,597 crore for the SGST.
The revenues for the month of May 2023 are 12% higher than the GST revenues in the same month last year.
During the month, revenue from the import of goods was 12% higher and the revenues from domestic transactions (including import of services) were 11% higher than the revenues from these sources during the same month last year.
Notably, only a few days ago, Chief Minister of Tripura Dr Manik Saha emphasized the significance of the GST collection and expressed his determination to take strict measures to ensure proper revenue collection in the State. Growth GST collection in May 2023 will provide additional impetus for the government to go the whole hog to push up the GST revenue in coming months, experts opined.