New Delhi: The revenue form the Goods and services tax (GST) crossed Rs 1.41 trillion in May this year. The GST revenue is 44% higher than the same month in 2021. This is the third consecutive month since March and the fourth time since inception when monthly GST collections have crossed the Rs 1.40 trillion mark.
Total number of e-way bills generated in the month of April 2022 was 74 million, which is 4% lower than 77 million e-way bills generated in the month of March.
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The gross GST revenue collected in the month of May is Rs 1.41 trillion. Of which Central GST is Rs 25,036 crore, State GST is Rs 32,001 crore, Integrated GST 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 Union 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 the month of May 2022 after regular settlement is Rs 52,960 crore for CGST and Rs 55,124 crore for the SGST. In addition, the Centre has also released GST compensation of Rs 86,912 crores to states.
In April this year, the GST revenue collection touched an all-time high of Rs 1.5 trillion for the first time. The Union Finance Ministry said that the GST revenue collection in May have always been lesser than that in April. It is because the collection in May pertains to the returns for April, the first month of the financial year. The GST collection in April pertains to the returns for March, the closing of the financial year.
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