GST Collections Touch Rs 1,40,885 Crore For May, Rise 44% Year-On-Year

Goods and Services Tax (GST) collections for May 2022 stood at Rs 1,40,885 crore, an increase of 44 per cent year-on-year basis.

In fact the GST collections crossed Rs 1.40 lakh crore mark for the fourth time since the inception of the tax regime.

The revenues for the month of May 2022 are 44 per cent higher than the GST revenues recorded in the corresponding period of last year, which had stood at Rs 97,821 crore.

In May 2022, revenues from import of goods were 43 per cent higher and the revenues from domestic transactions (including import of services) were 44 per cent more than the collections received from these two sources during the corresponding period of last year.

A statement issued by the Finance Ministry said that this is only the fourth time that the monthly GST collection crossed Rs1.40 lakh crore mark since the regime's inception and for the third month at a stretch since March 2022. 

It further noted that normally the GST collections for May - which are related to returns for April month which is the first month of a financial year - are lesser than April's collection. However it has been encouraging to see that even at the beginning of a new financial year, the gross GST revenues have breached the Rs 1.40 lakh crore mark.

April's collections reflect the returns from the month of March, which is the last month of a financial year.