GST revenue collection for May jumps 44 per cent to Rs 1,40,885 crore
New Delhi: The gross revenue collection from goods and services tax (GST) surged to Rs 1,40,885 crore in May 2022, posting a year-on-year increase of 44 per cent, the government data showed on Wednesday. This is the third consecutive month when the gross GST collection is over Rs 1.40 lakh crore mark. The gross GST […]
New Delhi: The gross revenue collection from goods and services tax (GST) surged to Rs 1,40,885 crore in May 2022, posting a year-on-year increase of 44 per cent, the government data showed on Wednesday.
This is the third consecutive month when the gross GST collection is over Rs 1.40 lakh crore mark. The gross GST collection has crossed Rs 1.40 lakh crore mark for 4th time since the inception of GST regime.
The gross GST revenue collected in the month of May 2022 is Rs 1,40,885 crore of which CGST is Rs 25,036 crore, SGST is Rs 32,001 crore, IGST is Rs 73,345 crore (including Rs 37469 crore collected on import of goods) and cess is Rs 10,502 crore (including Rs 931 crore collected on import of goods), the Union Ministry of Finance said in a statement.
The government has settled Rs 27,924 crore to CGST and Rs 23,123 crore to SGST from IGST. The total revenue of the Centre and the States in the month of May 2022 after the regular settlement is Rs 52,960 crore for CGST and Rs 55,124 crore for the SGST.
In addition, the Centre has also released GST compensation of Rs 86,912 crore to states and UTs on May 31, 2022, the ministry said.
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.
During the month, revenue from import of goods was 43 per cent higher and the revenues from the domestic transaction (including import of services) are 44 per cent higher than the revenues from these sources during the same month last year.
This is only the fourth time the monthly GST collection crossed Rs 1.40 lakh crore mark since the inception of GST and the third month at a stretch since March 2022.
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, it is encouraging to see that even in the month of May 2022, the gross GST revenues have crossed the Rs 1.40 lakh crore mark, the ministry said.
The 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.
