Mumbai. The collection of Goods and Services Tax (GST) has been Rs 1.41 lakh crore in May and this is the fourth time after the implementation of GST that the recovery figure has crossed Rs 1.40 lakh crore. It has remained continuously beyond this level since March 2022. Although it is 16 percent less than the month of April 2022. Notably, in April 2022, the GST collection had touched Rs 1.67 lakh crore for the first time, setting a new record. Whereas in the month of March, GST collection of Rs 1.42 lakh crore. According to the data released by the Ministry of Finance, the GST collection in the second month of the current financial year 2022-23, i.e. May, has been Rs 1,40,885 lakh crore. This is about Rs 26 thousand crore less as compared to April month. In April, a total of Rs 1,67,540 crore came to the government's coffers in the form of GST.

44% increase in collection However, the GST collection has increased by 44 per cent in May this year as compared to May 2021. In May 2021, the government collected 1.02 lakh crores as GST collection. The average GST collection in the financial year 2021-22 was Rs 1.23 lakh crore. A total of 7.14 crore e-way bills worth Rs 22.72 lakh crore have been generated in May 2022. The increase or decrease in this has an effect on the GST recovery.

There is always shortage in May

The Finance Ministry has said in a statement that the collection in the month of May has always been recorded less than the month of April. April marks the beginning of the financial year and the May collections are linked to the April returns. The ministry has said that despite this, it is pleasant to see that the gross GST collection in May 2022 has been more than Rs 1.40 lakh crore. In the total GST collection of May, Rs 25,036 crore is under Central GST and Rs 32,001 crore for State GST. Whereas Integrated GST has been Rs 73,345 crore in which 10,502 crore has been part of compensation cess.