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GST Collection Crosses Rs. 1.40 Lakh Crore Mark 4th Time Since Inception Of GST

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The gross GST revenue collected in the month of May 2022 is Rs. 1,40,885 crore of which 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, 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 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 inception of GST and 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.