GST Collection Increased by 44% to About ₹1.40 Lakh Crore

GST Collection: In the month of May, the Goods and Services Tax (GST) collection increased by 44 per cent to about Rs 1.40 lakh crore as compared to the same period a year ago.
GST Collection Increased by 44% to About ₹1.40 Lakh Crore
GST Collection Increased by 44% to About ₹1.40 Lakh Crore

GST Collection: In the month of May, the Goods and Services Tax (GST) collection increased by 44 per cent to about Rs 1.40 lakh crore as compared to the same period a year ago.

The Finance Ministry gave this information while releasing the GST collection figures for May 2022 on Wednesday.

GST collection is less than over the last two months

According to the data, the gross GST revenue collection in May 2022 was Rs 1,40,885 crore. This figure is less than the GST collection over the last two months.

In April, the GST collection was at a record level of Rs 1.68 lakh crore. Prior to that, the GST collection in March 2022 was Rs 1.42 lakh crore.

GST Collection
GST Collection

The Finance Ministry said in a statement, 'The share of Central GST (CGST) in the GST collection of Rs 1,40,885 crore for May was Rs 25,036 crore.

State GST (SGST) collection stood at Rs 32,001 crore and Integrated GST (IGST) collection stood at Rs 73,345 crore. Apart from this, a cess of Rs 10,502 crore was also collected.

GST Collection: Revenue collection for May 2022 increased by 44 per cent

Revenue collection for May 2022 increased by 44 per cent as compared to May 2021. The GST collection in the same month a year ago was Rs 97,821 crore.

This is the fourth time since the implementation of the GST regime in July 2017, that the monthly GST collection has exceeded Rs 1.40 lakh crore.

According to the Finance Ministry, a total of 7.4 crore e-way bills were generated in April, which is about four per cent less than the 7.7 crore e-way bills in March.

Central GST (CGST) accounted for Rs 25,036 crore in May's GST collection of Rs 1,40,885 crore. State GST (SGST) collection stood at Rs 32,001 crore and Integrated GST (IGST) collection stood at Rs 73,345 crore. Apart from this, a cess of Rs 10,502 crore was also raised.

Finance Ministry

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