GST collection in May at over Rs 1.40L cr; 15% lower than April
NEW DELHI: Goods and services tax (GST) collection for the month of May came in at Rs 1,40,885 crore, the finance ministry said in an official release on Wednesday. GST revenues for May is 15 per cent lower than the record high collection of Rs 1.68 lakh crore in April. However, it is 44 per cent higher than the GST revenues of Rs 97,821 crore collected in May 2021.
Of the total Rs 1,40,885 crore, Central goods and services tax (CGST) amounts to Rs 25,036 crore, state goods and services tax (SGST) is Rs 32,001 crore, while integrated goods and services tax (IGST) is Rs 73,345 crore (including Rs 37,469 crore collected on import of goods) and cess is Rs 10,502 crore (including Rs 931 crore collected on import of goods).
“During the month, revenues from import of goods was 43 per cent higher and the revenues from domestic transaction (including import of services) are 44 per cent higher than the revenues from these sources during the same month last year,” the release said. This is the fourth time when monthly GST collection crossed Rs 1.40 lakh crore mark since inception of GST and 3rd 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,” the finance ministry said.