GST Collections In May Decline 16 Per Cent To Rs 1.41 Lakh Crore From Record Highs In April

On a year-on-year basis, GST collections for May are 44 per cent higher than the revenues in the same month last year of Rs 97,821 crore

The central government has settled Rs 27,924 crore to CGST and Rs 23,123 crore to SGST from IGST.

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New Delhi: The Goods and Services Tax (GST) revenue's gross collections for May is Rs 1,40,885 crore, data published by the finance ministry on Wednesday showed. The collections dropped 16 per cent to Rs 1.41 lakh crore in May from April's all-time high of Rs 1.68 lakh crore, according to the data. 

However, on a year-on-year (YoY) basis, GST collections for May are 44 per cent higher than the revenues in the same month last year of Rs 97,821 crore. 

Of the total collection, CGST is Rs 25,036 crore, SGST is Rs 32,001 crore, 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).

The central government has settled Rs 27,924 crore to CGST and Rs 23,123 crore to SGST from IGST.

The total revenue of Centre and the states in May 2022 after regular settlement is Rs 52,960 crore for CGST and Rs 55,124 crore for the SGST. In addition, the central government has also released entire GST compensation of Rs 86912 crores to states and UTs on Tuesday.

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, according to the news release.

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 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 May, the gross GST revenues have crossed the Rs 1.40-lakh crore mark.

Total number of e-way bills generated in April was 7.4 crore, which is 4 per cent lesser than 7.7 crore e-way bills generated in March.