The gross GST revenue collected in the month of May 2022 has come above ₹1.40 lakh crore, government data showed on Wednesday. The revenues for the month of May 2022 are 44% higher than the GST revenues in the same month last year of ₹97,821 crore, however, is down 16% from the previous month. GST collection in April had touched an all-time high of over ₹1.67 lakh crore.
The gross GST revenue collected in the month of May 2022 has come above ₹1.40 lakh crore, government data showed on Wednesday. The revenues for the month of May 2022 are 44% higher than the GST revenues in the same month last year of ₹97,821 crore, however, is down 16% from the previous month. GST collection in April had touched an all-time high of over ₹1.67 lakh crore.
The gross GST revenue collected in the month of May is ₹1,40,885 crore of which CGST is ₹25,036 crore, SGST is ₹32,001 crore, IGST is ₹73,345 crore and cess is ₹10,502 crore.
"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 ₹1.40 lakh crore mark," said Ministry of Finance in a release.
This is only the fourth time the monthly GST collection crossed ₹1.40 lakh crore mark since inception of Goods and Services Tax (GST) and third month at a stretch since March 2022.
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.
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, as per the government data.