GST collection touches Rs 140,855 crore in May 2022, up 44% year-on-year
New Delhi, June 1, 2022
The gross Goods and Service Tax (GST) revenue collection in May 2022 touched Rs 140,855 crore, 44 per cent higher than the revenue of Rs 97,821 crore in the same month last year.
Of the total collection in May, Central GST (CGST) was Rs 25,036 crore, State GST was Rs 32,001 crore, Integrated GST (IGST) 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), a press release from the Ministry of Finance said.
The release said 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 regular settlement is Rs 52,960 crore for CGST and Rs 55,124 crore for SGST. In addition, the Centre has also released GST compensation of Rs 86,912 crores to States and Union Territories on 31.05.2022.
The release said that, during the month, revenues from import of goods was 43% higher and the revenues from domestic transaction (including import of services) are 44% higher than the revenues from these sources during the same month last year.
This is only the fourth time that the monthly GST collection has crossed Rs 1.40 lakh crore mark since 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. Total number of e-way bills generated in the month of April 2022 was 7.4 crore, which is 4% lesser than 7.7 crore e-way bills generated in the month of March 2022," the release added.