HIGHLIGHTS
- GST collection figure in May stood at 1.41 lakh crore
- GST collection in April at a record level of Rs 1.68 lakh crore
- Lowest tax collection in 2022 at Rs 1.33 lakh crore in February
Explaining the reason for the lower tax collection in May, the ministry said, “Revenue collection in May has always been lower than April, the first month of the financial year.
The trend of increase in Goods and Services Tax (GST) collection stopped in May. Last month, the GST collection figure stood at 1.41 lakh crore, which is lower than the figures for March and April. However, when compared with the figures of May last year, this figure has increased by 44 percent from the collection of Rs 97,821 crore in the same period of the year.
Why was the collection low in May?
Explaining the reason for the lower tax collection in May, the ministry said, “Revenue collection in May has always been lower as compared to April, the first month of the financial year. April also includes returns for the last month of March. In spite of the previous financial year The GST revenue for the month of May is over Rs 1.40 lakh crore, very encouraging, the ministry said.
4th largest collection ever
Releasing the GST collection figures for May 2022, the Finance Ministry said on Wednesday that despite the decline in GST collection in May, it is the fourth-largest tax collection to date. GST collection in April was at a record level of Rs 1.68 lakh crore. The lowest tax collection in the year 2022 was Rs 1.33 lakh crore in February.