New Delhi, June 1 (FN Agency) The bumper gross goods and services tax (GST) collection continued in the month of May with government data showing the indirect tax mop-up rising 44 per cent year-on-year in May 2022 to Rs 1.40 lakh crore. The collection is, however, lower compared to Rs 1.68 lakh crore in April, the highest monthly mop-up so far. “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,” Finance Ministry said in a statement on Wednesday.
Out of the total GST revenue collected in the month of May 2022, the government data showed CGST was Rs 25,036 crore and SGST was Rs 32,001 crore while IGST collection stood at Rs 73,345 crore (including Rs 37,469 crore collected on import of goods). The cess collection during this period stood at Rs 10,502 crore (including Rs 931 crore collected on import of goods). During the month, revenue from import of goods was 43% higher and the revenue from domestic transaction (including import of services) was 44% higher than the revenues from these sources during the same month last year. Commenting on the May GST collection, MS Mani, Partner at Deloitte India said that the steady streak of GST collections in excess of Rs 1.4 lakh crore over the past three months is reflective of both economic growth and increased checks to curb evasion and nab offenders. “However a comparison with the same month of the previous year may not be relevant in a trend analysis as April 21 was a month of pandemic induced economic disruptions,” he added.