Centre collects Rs 1.41 cr GST in May
New Delhi, Jun 2: The gross revenue collection from goods and services tax (GST) surged to Rs 1,40,885 crore in May 2022, posting a year-on-year increase of 44 per cent, the government data said on Wednesday.
For the third month in a row, the gross GST collection is over Rs 1.40 crore. Of Rs 1,40,885 crore, 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 government has settled Rs 27,924 crore to CGST and Rs 23,123 crore to SGST from IGST. The total revenue of Centre and the States in the month of May 2022 after regular settlement is Rs 52,960 crore for CGST and Rs 55,124 crore for the SGST. In addition, the Centre has also released GST compensation of Rs 86912 crores to States and UTs on 31.05.2022.
The revenues for the month of May 2022 are 44% higher than the GST revenues in the same month last year of Rs 97,821 crore. During the month, revenues from import of goods was 43% higher and the revenues from the domestic transaction (including import of services) are 44% higher than the revenues from these sources during the same month last year.
This is only the fourth time the monthly GST collection crossed Rs 1.40 lakh crore mark since the inception of GST and the third month at a stretch since March 2022. 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 Rs 1.40 lakh crore mark. 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.
The chart below shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of May 2022 as compared to May 2021.