Revenue collected by GST in May goes up to Rs 1, 40, 885 Lakh Crore. This number has surged around 44% against RS 97, 821 during the corresponding financial year. It is 4th time since the GST collection crossed 1.40 Lakh crore since its inception of GST. This is the 3rd month since March 2022 that GST collection has raised by this much.
Revenue generated by import goods goes up by 43% this month. Robust collection in May will boost the government’s fiscal position and can cushion some impact in tax cuts. That was carried out recently because of fight inflation.
Collection in May pertains to the returns for April’s first month of every financial year. It is always been lesser than April, which pertains to the returns of March of the closing financial year. It this encouraging to see that in May 2022, the GST revenue has crossed by Rs 1.40 Lakh crore, as is stated by PIB Press Release.
If we look for CGST that is accounted by Rs 25, 036 Crore. SGST is about 32, 001 Crore and IGST is about Rs 73, 345 Crore. The total revenue for both center and states stood by Rs 52, 960 Crore and Rs 55, 124 Crore respectively.
Centre Government has recently cleared the GST compensation dues to states that are of Rs 86. 912 crores till May 21, 2022. Despite having Rs 25, 000 Crore in the compensation fund. This decision was made so that states can manage their resources and can ensure their programs. So that particular capital expenditures can be successfully implemented during the financial Year 2022-23.