May GST revenues nearly ₹1.41 lakh crore, up 44% YoY

GST revenue for May stood at nearly ₹1.41 lakh crore, a 44 per cent increase over the same month last year, the Finance Ministry said on Wednesday.Bucking the month-on-month increasing trend of the last two months, the Goods and Services Tax (GST) revenues came in lower than the record high collection in April at ₹1.68 lakh crore.In March GST revenues were at ₹1.42 lakh crore, while in February it was ₹1.33 lakh crore.”The gross GST revenue collected in the month of May 2022 is ₹1,40,885 crore of which CGST is ₹25,036 crore, SGST is ₹32,001 crore, IGST is ₹73,345 crore (including ₹37469 crore collected on import of goods) and cess is ₹10,502 crore (including ₹931 crore collected on import of goods),” Ministry said in a statement.The revenues for the month of May 2022 are 44 per cent higher than the GST revenues in the same month last year at ₹97,821 crore.This is the fourth time that the monthly GST collection has crossed ₹1.40 lakh crore mark since the inception of GST and the third straight month since March 2022.The collection in May, which pertains to the returns for April — the first month of the financial year — has always been less 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 ₹1.40 lakh crore mark, the Ministry said.The total number of e-way bills generated in the month of April 2022 was 7.4 crore, which is 4 per cent lesser than 7.7 crore e-way bills generated in the month of March 2022.