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    GST mop up at Rs 1.40 lakh crore in May and it's a 40% rise from last year

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    GST mop up at Rs 1.40 lakh crore in May and it's a 40% rise from last year

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    The Goods and Services Tax (GST) revenue for May 2022 is 44 percent higher than the GST revenue of Rs 97,821 crore collected in the same month last year.

    The Centre collected over Rs 1.40 lakh crore as the Goods and Services Tax (GST) for May 2022. The revenue for May 2022 was 44 percent higher than the GST revenue of Rs 97,821 crore collected in the same month last year. However, they fell much below Rs 1.67 lakh crore collected in April.
    Taking to Twitter, the Ministry of Finance said: "Rs 1,40,885 crore gross GST Revenue collection for May 2022; increase of 44 percent year-on-year." The GST collection for May crossed Rs 1.40 lakh-crore mark fourth time since the inception of the GST, the ministry noted.
    Explaining the 16.6 percent fall from April collections, the ministry said: "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."
    Maharashtra contributed the most to GST collections.
    Here is a look at different jurisdictions' share in May GST collections:
    The ministry said of the gross GST revenue collected in May, Central government's share was Rs 25,036 crore, states' share was Rs 32,001 crore, and the Integrated  GST share was Rs 73,345 crore (including Rs 3,7469 crore collected on import of goods). Cess share was Rs 10,502 crore (including Rs 931 crore collected on import of goods), the ministry said in a press release.
    "The government has settled Rs 27,924 crore to CGST and Rs 23,123 crore to SGST from IGST. The total revenue of Centre and the States in the month of May 2022 after the regular settlement is Rs 52,960 crore for CGST and Rs 55,124 crore for the SGST," it said. The Centre said it also released GST compensation of Rs 86,912 crore to states and UTs on May 31, 2022.
    GST collected in previous months
    The GST revenue collection for April 2022 was the highest ever at Rs 1.68 lakh crore. The gross GST revenue collected in April 2022 was Rs 1,67,540 crore, Finance Minister Nirmala Sitharaman had said. This was for the first time that gross GST collection had crossed Rs 1.5-lakh crore mark.
    Of this Rs 1,67,540 crore, CGST was Rs 33,159 crore, SGST was Rs 41,793 crore, IGST was Rs 81,939 crore (including Rs 36,705 crore collected on import of goods) and cess was Rs 10,649 crore (including Rs 857 crore collected on import of goods).
    Meanwhile, the GST collections in March this year was also around Rs 1.42 lakh crore. Back then, the finance ministry had said the GST collection rose 15 percent annually in March.
    "All-time high Gross GST collection in March 2022, breaching earlier record of Rs 1,40,986 crore collected in January 2022. Rs 1,42,095 crore gross GST revenue collected in the month," the ministry of finance had tweeted.
    The gross GST revenue collected in March 2022 was Rs 1,42,095 crore, of which CGST was Rs 25,830 crore, SGST Rs 32,378 crore, IGST Rs 74,470 crore (including Rs 39,131 crore collected on import of goods) and cess was Rs 9,417 crore (including Rs 981 crore collected on import of goods).
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