India collects Rs 1.41 lakh crore GST in May
India's Goods and Services Tax (GST) revenue for the month of May stood at Rs 1,40,885 lakh crore. The figures have increased by 44% compared to the previous fiscal's corresponding period of Rs 97, 821.
GST collection exceeds Rs.1.40 lakh crore for the fourth time since its introduction, and for the third month in a row since March 2022. This month, revenue from imported goods increased by 43%, The Economic Times reported.
The high collection in May will help to strengthen the government's budgetary situation and mitigate some of the effects of recent tax cuts to combat inflation.
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"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 31 May 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.
