Wednesday, 29 June 2022

GST collection crossed Rs 1.41 lakh crore in May

GST collection crossed Rs 1.41 lakh crore in May

GST (Goods and Services Tax) collections cut down to Rs 1.41 lakh crores in May, down by 16 percent from April's all-time high of Rs 1.68 lakh crores, data released on 1st June by the Ministry of Finance showed.

GST collections in May were up by 44 percent on a year-on-year basis.

The finance ministry said in a statement.

"The collection in May, which exist to the returns for April, after the financial year, the collection has been less than that in April, which concern the returns for March, the closing of the financial year,"

It added.

"However, it is inspiring to see that even in May 2022, the entire GST revenues have exceeded the Rs 1.40 lakh crores mark,"

Total GST collection in May, Central GST collection was Rs 25,036 crores, State GST was Rs 32,001 crores, Combined GST collection was Rs 73,345 crores, and reimbursement was Rs 10,502 crore.

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In May, the Indian government settled Rs 27,924 crore and Rs 23,123 crore to Central GST and State GST from combined GST. As a result, the revenue for the month after the settlement was Rs 52,960 crores and Rs 55,124 crore for the Centre and State GST.

11th straight month that the total GST mop-up has exceeded the Rs 1-lakh-crore mark.

This is the fourth straight time the monthly GST collection has crossed the ₹1.40 lakh crores mark since the inception of GST and the third month since March 2022.

The collection in May, which pertains to returns for April, the first month of the financial year, has always been less than April, which relates to the returns for March, the closing of the financial year.

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

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