Goods and also Provider Tax (GST) collections for May 2022 stood at 1,40,885 crore
Item and also Services Tax (GST) collections for May 2022 stood at 1,40,885 crore, a rise of 44 percent year-on-year basis.
In fact the GST collections crossed 1.40 lakh crore mark for the 4th time since the beginning of the tax routine.
The revenues for the month of May 2022 are 44 per cent greater than the GST earnings recorded in the equivalent duration of in 2014, which had actually stood at 97,821 crore.
In Might 2022, incomes from import of items were 43 percent greater and the incomes from residential transactions (including import of solutions) were 44 per cent more than the collections gotten from these two resources throughout the matching period of in 2015.
A statement released by the Financing Ministry stated that this is only the fourth time that the month-to-month GST collection crossed Rs1.40 lakh crore mark since the routine’s beginning as well as for the third month at a stretch since March 2022.
It additionally noted that generally the GST collections for Might – which belong to returns for April month which is the initial month of a fiscal year – are lesser than April’s collection. Nonetheless it has been motivating to see that even at the beginning of a brand-new fiscal year, the gross GST revenues have actually breached the 1.40 lakh crore mark.
April’s collections show the returns from the month of March, which is the last month of a financial year.
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Resources: NDTV
Last Updated: 1 June 2022
