GST collections stands at ₹1.40 lakh crore in May, up 44% YoY

CHENNAI: The GST revenue collected in the month of May 2022 has come above ₹1.40 lakh crore, according to the government data on Wednesday. The revenue for the month of May 2022 is 44% higher than the GST revenues in the same month last year of ₹97,821 crore, however, is down 16% from the previous month. GST collection in April had touched an all-time high of over ₹1.67 lakh crore.

The gross GST revenue collected in the month of May is ₹1,40,885 crore of which CGST is ₹25,036 crore, SGST is ₹32,001 crore, IGST is ₹73,345 crore and cess is ₹10,502 crore.

“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 collection has crossed the ₹1.40 lakh crore mark," said Ministry of Finance in a release.

This is only the fourth time the monthly GST collection crossed ₹1.40 lakh crore mark since inception of Goods and Services Tax (GST) and third month at a stretch since March 2022. The April GST collection reflects the income filed in March. At that time, it had a revenue of Rs 1.67 lakh crore as it was nearing the end of the financial year. According to the Union Finance Minister, May revenue is 'always lower' than April GST revenue.

When the GST was implemented, the central government had set a target of collecting over Rs 1 lakh crore in taxes every month. But the tax collection was less than what the government expected. Tax collection is even worse, especially after the corona.

Accordingly, a total of Rs 1.40 lakh crore was collected in May. This is 15 per cent less than the Rs 1.67 lakh crore collected in April 2022. However, in May 2022 collection has grown by 44 per cent over the May 2021 collection. In May 2021, the total collection was only Rs 97,821 crore.

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