Goods and Services Tax (GST) collections for May stood at Rs 1,40,885 crore, an increase of 44 per cent year-on-year basis, the Finance Ministry said on Wednesday. The revenues in the corresponding period of last year had stood at Rs 97,821 crore.
However, GST revenues in May is 16 per cent lower than the record high collection in April at Rs 1.68 lakh crore, data released on June 1 by the finance ministry showed. In March GST revenues were at Rs 1.42 lakh crore, while in February it was Rs 1.33 lakh crore.
This is the fourth time when GST collections crossed Rs 1.40 lakh crore mark since the inception of the tax regime in July 2017 and the third straight month since March 2022.
"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)," Ministry said in a statement.
The collection in May, which pertains to the returns for April -- the first month of the financial year -- has always been less 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.
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