GST Collection May 2022: GST collection crosses 1.40 lakh crore mark 4th time; increase of 44% year-on-year

GST Collection May 2022: GST collection crosses 1.40 lakh crore mark 4th time; increase of 44% year-on-year The gross GST revenue collected in the month of May 2022 is ₹1,40,885 crore of which CGST is ₹25,036 crore, SGST is ₹32,001 crore, IGST is ₹73,345 crore (including ₹ 37469 crore collected on import of goods) and cess is ₹10,502 crore (including ₹931 crore collected on import of goods). The government has settled ₹27,924 crore to CGST and ₹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 ₹52,960 crore for CGST and ₹55,124 crore for the SGST. In addition, Centre has also released GST compensation of ₹86912 crores to States and UTs on 31.05.2022. The revenues for the month of May 2022 are 44 percent more than the GST collections of 97,821 crore in the same month last year. Revenues from imports of products were 43 percent higher during the month, and revenues from domestic transactions (including imports of services) were 44 percent higher than in the same month last year. This is only the fourth time that monthly GST collection has exceeded Rs.1.40 lakh crore since the start of GST, and the third month in a row since March 2022. The collection in May, which corresponds to the returns for April, the first month of the fiscal year, has always been lower than that in April, which corresponds to the returns for March, the last month of the fiscal year. However, it is good to observe that gross GST collections have already surpassed the 1.40 lakh crore level in the month of May 2022. The total number of e-way bills created in April 2022 was 7.4 crore, which is 4% less than the 7.7 crore e-way bills generated in March 2022. The graph below depicts monthly gross GST income trends for the current fiscal year. The table compares the amount of GST collected in each state during the month of May 2022 versus May 2021. State-wise growth of GST Revenues during May 2022