The Business Bytes
TBB BUREAU
NEW DELHI, JUNE 1, 2022
The gross revenue from Goods and Service Tax (GST) in the month of May 2022 came in at Rs 140,885 crore, witnesing a year-on-year (YoY) growth of 44 per cent over the corresponding period in the previous year, data showed on Wednesday.
This is the fourth time the monthly GST collection crossed Rs 1.40 lakh crore mark since inception of GST and the third month at a stretch since March 2022.
Of the total collection in May, CGST amounted to Rs 25,036 crore, SGST was Rs 32,001 crore, IGST was Rs 73,345 crore (including Rs 37469 crore collected on import of goods), and cess Rs 10,502 crore (including Rs 931 crore collected on import of goods).
The revenues for the month of May 2022 are 44 percent higher than the GST revenues in the same month last year of Rs 97,821 crore. During the month, revenue from import of goods was 43 percent higher and the revenues from domestic transaction (including import of services) are 44 percent higher than the revenues from these sources during the same month last year.
This is only the fourth time the monthly GST collection crossed Rs 1.40 lakh crore mark since inception of GST and third 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. However, it is encouraging to see that even in the month of May 2022, the gross GST revenues have crossed the Rs 1.40 lakh crore mark.
Total number of e-way bills generated in the month of April 2022 was 7.4 crore, which is 4 percent lesser than 7.7 crore e-way bills generated in the month of March 2022.
On Tuesday, the Centre released the entire amount of Goods and Service Tax (GST) compensation payable to states up to May 31, 2022 by releasing an amount of Rs 86,912 crore.
The payment was made to assist the states in managing their resources and ensuring that their programmes, especially the expenditure on capital, is carried out successfully during the financial year.
