For the month of May, Goods and Services Tax (GST) collection came in at Rs 1.41 lakh crore, a drop of 16 percent from April’s record high of Rs 1.68 lakh crore, according to the data released on Wednesday by the finance ministry.
₹1,40,885 crore gross #GST #Revenue #collection for May 2022; increase of 44% year-on-year#GST #collection crosses ₹1.40 lakh crore mark 4th time since inception of #GST; 3rd month at a stretch since March 2022
Read more ➡️ https://t.co/Wvc6tDhKOy pic.twitter.com/jXCIGVuDe4
— Ministry of Finance (@FinMinIndia) June 1, 2022
As against the May Collection of last year, GST collection in May this year shot 44 percent up.
“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,” the finance ministry said in a statement.
“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,” it added.
On breaking up the tax total for May, Central GST amounted to Rs 25,036 crore, State GST reckoned at Rs 32,001 crore, Integrated GST stood at Rs 73,345 crore, and compensation cess was Rs 10,502 crore.
The government paid Rs 27,924 crore to the Central GST and Rs 23,123 crore to the State GST in May as part of the Integrated GST settlement. As a result, the Centre’s total revenue for the month after the settlement was Rs 52,960 crore, while State GST revenue was Rs 55,124 crore.
It is for the 11th time, the total GST collection has crossed the Rs 1-lakh-crore mark.
