GST collections for May stand at Rs 1.40.885 crore
Goods and services tax (GST) collection for May 2022 was Rs 1,40,885 crore, up 44 percent year on year.
In fact, GST collections crossed Rs 1.40 lakh crore mark for the fourth time since the beginning of the tax regime.
The revenue for the month of May 2022 is 44 percent higher than the GST revenue recorded in the corresponding period of last year which was Rs 97,821 crore.
In May 2022, revenues from imports of goods were 43 percent higher and revenues from domestic transactions (including imports of services) 44 percent higher than the collections from these two sources in the same period last year.
A statement from the Ministry of Finance said this is only the fourth time monthly GST collection has crossed the Rs1.40 lakh crore mark since the regime began and for the third consecutive month since March 2022.
It further noted that normally, May GST collections — covering returns for the month of April, the first month of a fiscal year — are lower than the April collection. However, it was encouraging to see that even at the start of a new fiscal year, the gross GST revenue has crossed Rs 1.40 lakh crore.
The April collections reflect the revenues of March, the last month of a fiscal year.
