New Delhi: Goods and Services Tax (GST) collection for the month of May stood at Rs 1,40,885 crore, the Finance Ministry said in an official release on Wednesday.
GST revenue for May is 15 per cent lower than the record high collection of Rs 1.68 lakh crore in April.
However, this is 44 per cent higher than the GST revenue of Rs 97,821 crore collected in May 2021.
Out of the total Rs 1,40,885 crore, Central Goods and Services Tax (CGST) is 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. 37,469 crore collected on import of goods) and Cess Rs 10,502 crore (including Rs 931 crore collected on import of goods).
“During the month, revenue from import of goods was 43 per cent higher and revenue from domestic transactions (including import of services) was 44 per cent higher than revenue from these sources during the same month last year,” the release said.
This is the fourth time the monthly GST collection 1.40 lakh crore since the implementation of GST and for the third consecutive month since March 2022.
“Collection in the month of May, which relates to returns for April, the first month of the financial year, has always been lower than that of April, which relates to returns for March, the closing of the financial year,” the finance ministry said.
GST revenue for May is 15 per cent lower than the record high collection of Rs 1.68 lakh crore in April.
However, this is 44 per cent higher than the GST revenue of Rs 97,821 crore collected in May 2021.
Out of the total Rs 1,40,885 crore, Central Goods and Services Tax (CGST) is 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. 37,469 crore collected on import of goods) and Cess Rs 10,502 crore (including Rs 931 crore collected on import of goods).
“During the month, revenue from import of goods was 43 per cent higher and revenue from domestic transactions (including import of services) was 44 per cent higher than revenue from these sources during the same month last year,” the release said.
This is the fourth time the monthly GST collection 1.40 lakh crore since the implementation of GST and for the third consecutive month since March 2022.
“Collection in the month of May, which relates to returns for April, the first month of the financial year, has always been lower than that of April, which relates to returns for March, the closing of the financial year,” the finance ministry said.