News Karnataka
Monday, December 11 2023
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GST collections for May at Rs 1.4 lakh cr, up 44% YoY

GST collections for May at Rs 14 lakh cr up 44 YoY
Photo Credit : IANS

New Delhi: The gross revenue from Goods and Service Tax (GST) in the month of May came in at Rs 140,885 crore, data showed on Wednesday.

This is the fourth time the monthly Goods and Service Tax collection crossed Rs 1.40 lakh crore mark since inception of GST and the third month at a stretch since March 2022.

Of the total collection in May, CGST amounted to Rs 25,036 crore, SGST was Rs 32,001 crore, IGST was Rs 73,345 crore, and cess Rs 10,502 crore.

The Goods and Service Tax revenues for May 2022 were 44 per cent higher than those collected in the same month last year, at Rs 97,821 crore.

Notably, the monthly collection had touched a record high of Rs 1.68 lakh crore in April 2022.

Besides, the total number of e-way bills generated in the month of April 2022 was at 7.4 crore, which is 4 per cent lesser than 7.7 crore e-way bills generated in the month of March 2022. E-way bill is a document for carrying any consignment of goods of value exceeding Rs 50,000.

On Tuesday, the Centre released the entire amount of Goods and Service Tax (GST) compensation payable to states up to May 31, 2022 by releasing an amount of Rs 86,912 crore.

The payment was made to assist the states in managing their resources and ensuring that their programmes, especially the expenditure on capital, is carried out successfully during the financial year.

Read more:

Bitcoin, other cryptos may attract 28 per cent GST

GST April collection hits all-time high at Rs 1.68 lakh cr

GST Council did not recommend reducing GST on health insurance: FM

CAIT urges Centre to rationalise BIS standards, GST slab on footwear

FM Nirmala Sitharaman: Don’t politicise GST council

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