GST Collection GST collections fall 16% Rs 1-41 lakh crore May record highs month back
By Lokmat English Desk | Published: June 1, 2022 06:01 PM2022-06-01T18:01:34+5:302022-06-01T18:01:34+5:30
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Goods and Services Tax (GST) collections fell to Rs 1.41 lakh crore in May, down 16 percent from April's all-time high of Rs 1.68 lakh crore, data released on June 1 by the finance ministry showed.
On a year-on-year basis, GST collections in May were up 44 percent.
"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," the finance ministry said in a statement.
"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," it added.
Of the total GST collections in May, Central GST was Rs 25,036 crore, State GST was Rs 32,001 crore, Integrated GST was Rs 73,345 crore, and compensation cess was Rs 10,502 crore.
In May, the government settled Rs 27,924 crore to Central GST and Rs 23,123 crore to State GST from Integrated GST. As a result, the total revenue for the month after settlement was Rs 52,960 crore for the Centre and Rs 55,124 crore for State GST.
This is the 11th month in a row that the total GST mop-up has come in above the Rs 1-lakh-crore mark.
