GST Collection May 2022: Govt collects Rs 1.41 lakh crore GST in May

The GST revenue for the month of May stood at Rs 1,40,885 lakh crore. The numbers have surged 44% as against Rs 97, 821 during the corresponding period of preceding fiscal.

GST collection crosses ₹1.40 lakh crore mark 4th time since inception of GST; 3rd month at a stretch since March 2022. The revenue from import goods went up by 43% this month.

The robust collection in May will further boost government‘s fiscal position and cushion some of the impact from the tax cuts it carried out recently to fight inflation.

“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”, stated the PIB press release.

The CGST accounted for Rs 25,036 crore, SGST for Rs 32,001 crore and IGST for Rs 73,345 crore. Total revenue for Centre and states stood at Rs 52,960 crore and Rs 55,124 crore respectively.

The government recently cleared the GST compensation due to states accounting for Rs 86,912 crores until May 31, 2022 despite having only Rs 25,000 crore in the compensation fund.

The decision was made to support states in managing their resources and ensuring that their programmes, particularly capital expenditures, are successfully implemented during the fiscal year.