GST revenue for May stood at nearly ₹1.41 lakh crore, a 44 per cent increase over the same month last year, the Finance Ministry said on Wednesday.
Bucking the month-on-month increasing trend of the last two months, the Goods and Services Tax (GST) revenues came in lower than the record high collection in April at ₹1.68 lakh crore.
In March GST revenues were at ₹1.42 lakh crore, while in February it was ₹1.33 lakh crore.
"The gross GST revenue collected in the month of May 2022 is ₹1,40,885 crore of which CGST is ₹25,036 crore, SGST is ₹32,001 crore, IGST is ₹73,345 crore (including ₹37469 crore collected on import of goods) and cess is ₹10,502 crore (including ₹931 crore collected on import of goods),” Ministry said in a statement.
The revenues for the month of May 2022 are 44 per cent higher than the GST revenues in the same month last year at ₹97,821 crore.
This is the fourth time that the monthly GST collection has crossed ₹1.40 lakh crore mark since the inception of GST and the third straight month since March 2022.
The collection in May, which pertains to the returns for April -- the first month of the financial year -- has always been less than that in April, which pertains to the returns for March, the closing of the financial year.
{{/usCountry}}The collection in May, which pertains to the returns for April -- the first month of the financial year -- has always been less than that in April, which pertains to the returns for March, the closing of the financial year.
{{/usCountry}}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, the Ministry said.
The total number of e-way bills generated in the month of April 2022 was 7.4 crore, which is 4 per cent lesser than 7.7 crore e-way bills generated in the month of March 2022.