GST revenues up 44% at 1.41 Lakh crore in May.

June 2, 2022

GST was launched in India on 1 July 2017 as a comprehensive indirect tax for the entire country.
It is a destination-based taxation system.
It has been established by the101st Constitutional Amendment Act.
GST revenues bucked the two-month rising trend in May and stood at nearly 1.41 lakh crore, registering a year on-year increase of 44 per cent.
Although the May Goods and Services Tax (GST) revenues came in lower than the record high collection in April at 1.68 lakh crore and 1.42 lakh crore in March, it is still the fourth highest collection since the rollout of the new tax regime on July 1, 2017.
The revenues for the month of May 2022 are 44 per cent higher than the GST revenues in the same month last year at 97,821 crore.
This is the fourth time that the monthly GST collection has crossed the 1.40 lakh crore mark since the inception of GST and the third straight month since March 2022.