GST collections up 44 percent YoY
NEW DELHI: The gross revenue from Goods and Service Tax (GST) in the month of May came in at Rs 140,885 crore, data showed in early June.
This is the fourth time the monthly GST collection crossed Rs 1.40 lakh crore mark since inception of GST and the third month at a stretch since March 2022.
Of the total collection in May, CGST amounted to Rs 25,036 crore, SGST was Rs 32,001 crore, IGST was Rs 73,345 crore, and cess Rs 10,502 crore. The GST revenues for May 2022 were 44 per cent higher than collected in the same month last year, at Rs 97,821 crore. Notably, the monthly collection had touched a record high of Rs 1.68 lakh crore in April 2022. Besides, the total number of e-way bills generated in the month of April 2022 was at 7.4 crore, which is 4 percent lesser than 7.7 crore e-way bills generated in the month of March 2022. E-way bill is a document for carrying any consignment of goods of value exceeding Rs 50,000.
On May 31, the Centre released the entire amount of Goods and Service Tax (GST) compensation payable to states up to May 31, 2022 by releasing an amount of Rs 86,912 crore. The payment was made to assist the states in managing their resources and ensuring that their programs, especially the expenditure on capital, is carried out successfully during the financial year.