GST Revenues Collection Updates - Crosses 1.40 Lakh Crore for The Third Consecutive Month, GST collection Rs 1.41 lakh Cr in May

The government has received Rs 1.41 lakh crore from the Goods and Services Tax in May. The Finance Ministry gave this information on Wednesday. The GST collection has increased by 44 per cent as compared to the same period last year. For the last two months, there was a steady increase in the GST collection. A record Rs 1.68 lakh crore GST collection was done in April. The GST revenue in March was Rs 1.42 lakh crore and in February was Rs 1.33 lakh crore.

₹1,40,885 crore gross GST Revenue collection for May 2022; increase of 44% year-on-year.

GST collection crosses ₹1.40 lakh crore mark 4th time since inception of GST; 3rd month at a stretch since March 2022.

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The Finance Ministry has said in its statement that the total GST revenue collection in May 2022 was Rs 1,40,885 crore, of which CGST was Rs 25,036 crore, SGST Rs 32,001 crore, IGST Rs 73,345 crore and Cess Rs 10,502 crore. The total revenue received from GST in May last year was Rs 97,821 crore, 44 per cent more than the amount collected in May 2022.

This is the fourth time since the implementation of GST that the monthly GST collection amount is more than Rs 1.40 lakh crore and this is the third consecutive month since March 2022. According to the statement of the Finance Ministry, the GST collection in May is based on the returns of April which is the first month of the financial year and the GST collection in April is based on the returns of March which is the last month of the financial year.