May GST collections at ₹1.40 lakh crore, up 44% YoY
- IBEF
- June 2, 2022
According to official figures released on Wednesday, gross GST revenue for the month of May 2022 exceeded Rs. 1.40 lakh crore (US$ 18.08 billion). The revenues for May 2022 are 44% more than the GST revenues of Rs. 97,821 crore (US$ 12.63 billion) in the same month last year, but are down 16% from April 2022, where they stood at Rs. 1.67 lakh crore (US$ 21.56 billion)
This is only the fourth time since the establishment of the Goods and Services Tax (GST) that monthly GST collections have exceeded Rs. 1.40 lakh crore (US$ 18.08 billion), and the third month in a row since March 2022.
Revenues from imports of products were 43% higher during the month, while revenues from domestic transactions (including imports of services) were 44% higher than during the same month last year.
According to official data, the total number of e-way bills generated in April 2022 was 7.4 crore, which is 4% less than the 7.7 crore e-way bills generated in March 2022.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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