GST collection for May 2022 is 1.41 lakh crore, as per the latest data released by the finance Ministry on Wednesday. The gross GST collection for the month of May is 44% higher than the same month of the last year 2021, which was the ₹97,821 crore. “GST collection in May declined 16 percent ”
the revenues from the import of goods and revenues from domestic transactions are also 43% and 44% higher than the same month of last year respectively.
However, GST collection for the month of May decreased 16% from the record high collection in the last month of this financial year, which was 1,67,540 crore in April 2022.
Therefore, this is the fourth time that GST collection on an MoM basis has crossed the 1.4 lakh crore mark from the beginning of the GST system and this is 11th month consecutively that the GST collection has above the 1 lakh crore mark.
Finance Ministry clarified the decline in GST collection from last month in a release “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 ₹1.40 lakh crore mark, Ministry added in a release.
The government has also that the GST collection for the month of May 2022 has settled down, in which ₹27,924 goes crore to CGST and ₹23,123 crore goes to SGST from IGST. Total revenue from GST collection for states is ₹55,124 crore. In addition, the government has also released GST compensation for states and Union Territories of ₹86,912 until May 31, 2022. “GST collection in May declined 16 percent ”
The total number of e-way bills generated in the month of April 2022 was 7.4 crore, which is 4% lesser than the 7.7 crore e-way bills generated in the month of March 2022, as per the government data.
