GST collection crosses Rs 1.40 lakh crore mark 4th time since inception ; increase 44% year-on-year

NEW DELHI: The Finance Ministry on Wednesday stated that Goods and Services Tax (GST) collections in May totaled Rs 1,40,885 crore, a 44 percent increase year on year. Revenues in the same period last year were Rs 97,821 crore.

However, GST revenues in May were 16 per cent lower than the previous month's record high of Rs 1.68 lakh crore, according to data released by the finance ministry on June 1. GST revenues were Rs 1.42 lakh crore in March, compared to Rs 1.33 lakh crore in February.

This is the fourth time GST collections have exceeded Rs 1.40 lakh crore since the tax regime's inception in July 2017, and the third time since March 2022.

"In the month of May 2022, the gross GST revenue collected 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 Ministry said in a statement.

The collection in May, which relates to the returns for April (the first month of the fiscal year), has always been less than that in April, which relates to the returns for March (the last month of the fiscal year). However, it is encouraging to note that gross GST revenues have already surpassed Rs 1.40 lakh crore in the month of May 2022.

The total number of e-way bills generated in April 2022 was 7.4 crore, which is 4% less than the 7.7 crore e-way bills generated in March 2022.

The CGST was Rs 25,036 crore, the SGST was Rs 32,001 crore, and the IGST was Rs 73,345 crore. The combined revenue of the Centre and the states was Rs 52,960 crore and Rs 55,124 crore, respectively.

Despite having only Rs 25,000 crore in the compensation fund, the government recently cleared the GST compensation due to states for Rs 86,912 crores until May 31, 2022.

The decision was made to assist states in managing their resources and ensuring the successful implementation of their programmes, particularly capital expenditures, during the fiscal year.