The gross GST (Goods and Services Tax) income for the month of May crossed over Rs 1.40 lakh crore, a 16.6 per cent drop compared to April when GST collections had been at a document excessive, the Ministry of Finance introduced Wednesday. In the month of April, the federal government’s complete GST collections stood at Rs 1.68 lakh crore. Year-on-year the entire GST collections nonetheless jumped 44 per cent and crossed Rs 1.40 lakh crore mark for the third month at a stretch since March 2022, the federal government mentioned.
“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,” the Ministry of Finance mentioned in a press release. “However, it is encouraging to see that even in the month of May 2022, the gross GST revenues have crossed the Rs 1.40 lakh crore mark,” it added.
“The sequential dip in the May 2022 GST inflows was entirely expected, as the April 2022 GST collections were enhanced by year-end flows. At the same time, the high year-on-year growth reflects the low base of the second wave,” Aditi Nayar, Chief Economist at ICRA mentioned. ICRA expects the CGST inflows in FY 2023 to exceed the BE (finances estimate) degree by Rs 1.15 trillion, serving to to soak up part of the upper subsidy invoice.
In the month of May, CGST (Central Goods and Services Tax) stood at Rs 25,036 crore, SGST (State Goods and Services Tax) stood at Rs 32,001 crore, IGST (Integrated Goods and Services Tax) stood at Rs 73,345 crore (which incorporates Rs 37, 469 crore collected on import of products) and cess of Rs 10,502 crore, the federal government introduced.
In phrases of states, Karnataka, Maharashtra, Haryana and Uttar Pradesh had been among the many high performers when it comes to GST income collections. Maharashtra collected the best GST income of Rs 20,313 crore.
The authorities has settled Rs 27,924 crore to CGST and Rs 23,123 crore to SGST from IGST. The complete income of Centre and the States within the month of May 2022 after common settlement is Rs 52,960 crore for CGST and Rs 55,124 crore for the SGST, the assertion mentioned. On Tuesday, the federal government launched Rs 86,912 crore to the state governments, clearing all of the GST compensation dues until May 31, 2022, the Ministry of Finance introduced.
Source: www.financialexpress.com”