GST Collections: GST collection in May stood at Rs 1.41 lakh crore, down 16% from record high in April

GST collections: Last month in April, the GST collection was Rs 1.68 lakh crore, which is its highest ever.

Goods and Services Tax (GST) collection declined 16 per cent on a monthly basis to Rs 1.41 lakh crore in the month of May. Last month i.e. in April, the GST collection was Rs 1.68 lakh crore, which is its highest ever. The Finance Ministry gave this information in the data released on Tuesday. However, the GST collection in May this year has increased by 44 per cent as compared to May 2021.

The collections in the month of May have always been recorded less than the month of April. The month of April marks the beginning of the financial year and the collections for the month of May are linked to the returns of the month of April,” the Finance Ministry said in a statement. “However, despite this, it is heartening to see that the gross GST collection in May 2022 has exceeded the figure of Rs 1.40 lakh crore,” the ministry added.

Of the total GST collection for May, Rs 25,036 crore is central GST, Rs 3,2001 crore is state GST, Rs 73345 crore is integrated GST and Rs 10,502 crore is part of compensation cess.

In the month of May, the government disposed of Rs 27,924 crore in Central GST and Rs 23,123 crore in State GST out of Integrated GST. In this way, after settlement, in the month of May, the total collection from Central GST was Rs 52,960 crore and the total collection of State GST was Rs 55,124 crore.

This is the fourth time since the implementation of the GST system in July 2017 that the monthly GST collection has exceeded Rs 1.40 lakh crore. According to the Finance Ministry, a total of 7.4 crore e-way bills were generated in April, which is about 4 percent less than the 7.7 crore e-way bills in March.

Let us inform that this is the 11th consecutive month when the GST collection has exceeded the figure of Rs 1 lakh crore. You can see the figures of GST collection for the last one year in the table below-

Last one year data of GST collection