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GST Collection Surpasses Rs 1.40 Lakh Crore In May, Rises 44 Per Cent Year-On-Year
GST collections
The gross Goods and Services Tax (GST) revenue collected in the month of May is Rs 1,40,885 crore, registering a growth of 44 per cent compared to the same month last year, an official release said on Wednesday (25 May).
Out of the Rs 1.40 lakh crore GST collection, Central GST is Rs 25,036 crore, State GST is Rs 32,001 crore, Integrated GST is Rs 73,345 crore (including Rs 37,469 crore collected on import of goods) and cess is Rs 10,502 crore (including Rs 931 crore collected on import of goods), according to a Union Finance Ministry release.
The government has settled Rs 27,924 crore to CGST and Rs 23,123 crore to SGST from IGST. The total revenue of Centre and the States in the month of May 2022 after regular settlement is Rs 52,960 crore for CGST and Rs 55,124 crore for the SGST, the ministry said.
In addition, Centre has also released GST compensation of Rs 86912 crore to States and UTs on Tuesday (31 May), it added.
"The revenues for the month of May 2022 are 44 per cent higher than the GST revenues in the same month last year of Rs 97,821 crore," the ministry said.
During the month, revenues from import of goods was 43 per cent higher and the revenues from domestic transaction (including import of services) are 44 per cent higher than the revenues from these sources during the same month last year, it added.
According to the ministry, this is only the fourth time the monthly GST collection crossed Rs 1.40 lakh crore mark since inception of GST and third month at a stretch since March 2022.
The ministry said that the collection in the month of May, which pertains to the returns for April, the first month of the financial year, has always been lesser than that in April, which pertains to the returns for March, the closing of the financial year.
However, the ministry noted that it was encouraging to see that even in the month of May 2022, the gross GST revenues have crossed the Rs 1.40 lakh crore mark.
Total number of e-way bills generated in the month of April 2022 was 7.4 crore, which is 4 per cent lesser than 7.7 crore e-way bills generated in the month of March 2022, it said.
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