GST inputs up by 33 per cent in TS compared to May 2021
Deccan Chronicle.| L Venkat Ram Reddy
The union ministry of finance on Wednesday released state-wise details of GST collections
The Centre has settled Rs 27,924 crore to CGST and Rs 23,123 crore to SGST from IGST. (Representational Image/ DC File)
Hyderabad: Telangana has registered a growth rate of 33 per cent in GST collections in May when compared with May last year. The GST collections in May stood at Rs 3,982 crore as against Rs 2,984 crore in May 2021. Telangana also received Rs 296 crore GST compensation from the Centre. However, the state’s growth rate was lower than the national average of 44 per cent. The union ministry of finance on Wednesday released state-wise details of GST collections.
The gross GST revenue collected in the country in May 2022 was Rs 1,40,885 crore of which CGST was Rs 25,036 crore, SGST Rs 32,001 crore, IGST Rs 73,345 crore (including Rs 37,469 crore collected on import of goods) and cess was Rs 10,502 crore (including Rs 931 crore collected on import of goods).
The Centre has settled Rs 27,924 crore to CGST and Rs 23,123 crore to SGST from IGST. The total revenue of Centre and the states in May 2022 after regular settlement was Rs 52,960 crore for CGST and Rs 55,124 crore for the SGST. In addition, Centre has also released GST compensation of Rs 86,912 crores to states and UTs on Tuesday.
The revenues for May 2022 in the country were 44 per cent higher than the GST revenues in May 2021 of Rs 97,821 crore. During the month, revenues from import of goods were 43 per cent higher and the revenues from domestic transactions (including import of services) were 44 per cent higher than the revenues from these sources during the same month last year.
This is only the fourth time the monthly GST collection crossed Rs 1.40 lakh crore mark in the country since the inception of GST and third month at a stretch since March 2022. The collection in the month of May, which pertains to the returns for April, the first month of the financial year, has always been less than that in April, which pertains to the returns for March, the closing of the financial year.
However, even in May 2022, the gross GST revenues in the country have crossed the Rs 1.40 lakh crore mark. Total number of e-way bills generated in the month of April 2022 was 7.4 crore, which was 4 per cent lesser than 7.7 crore e-way bills generated in the month of March 2022.