GST collections in May stays above Rs 1.4 lakh cr, third month in a row

In April 2022, the GST collection stood at an all-time high of Rs 1.68 lakh crore. In the preceding March month, the gross GST mop-up was Rs 1.42 lakh crore. So the May month’s collection is the lowest in the last three months

PGurus Newsdesk

June 1, 2022

In April 2022, the GST collection stood at an all-time high of Rs 1.68 lakh crore. In the preceding March month, the gross GST mop-up was Rs 1.42 lakh crore. So the May month’s collection is the lowest in the last three months

For the fourth time, monthly GST collection crossed the Rs.1.40 lakh crore mark

As per the data released on Wednesday, the gross revenue from Goods and Service Tax (GST) in the month of May came in at Rs.140,885 crore. This is the fourth time the monthly GST collection crossed the Rs.1.40 lakh crore mark since the inception of GST and the third month at a stretch since March 2022.

Of the total collection in May, CGST amounted to Rs.25,036 crore, SGST was Rs.32,001 crore, IGST was Rs.73,345 crore, and cess collection Rs.10,502 crore.

The GST revenues for May 2022 were 44 percent higher than those collected in the same month last year, at Rs.97,821 crore.

Notably, the monthly collection had touched a record high of Rs.1.68 lakh crore in April 2022.

Besides, the total number of e-way bills generated in the month of April 2022 was 7.4 crore, which is 4 percent lesser than the 7.7 crore e-way bills generated in the month of March 2022. An e-way bill is a document for carrying any consignment of goods of value exceeding Rs.50,000.

On Tuesday, the Centre released the entire amount of Goods and Service Tax (GST) compensation payable to states up to May 31, 2022, by releasing an amount of Rs.86,912 crore.

The payment was made to assist the states in managing their resources and ensuring that their programmes, especially the expenditure on capital, are carried out successfully during the financial year.

The Ministry of Finance said in the release, “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 collection has crossed the Rs.1.40 lakh crore mark.”

[With Inputs from IANS]

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