Gross Goods and Services Tax (GST) revenues in May 2022 rose 44% from a year earlier to ₹1,40,885 crore, with receipts from domestic transactions and services imports rising at a matching pace, while goods imports yielded 43% higher taxes.
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This is only the fourth time the monthly GST collection crossed ₹1.4 lakh crore mark since the inception of GST and the third month at a stretch since March 2022.
Revenue growth from domestic transactions, including imports of services, outpaced revenues from goods imports after several months in May.
Of the total revenue in May, Central GST collections were ₹25,036 crore, State GST ₹32,001 crore, and Integrated GST ₹73,345 crore, which included ₹37,469 crore from import of goods.
GST Compensation Cess inflows, used to recompense States, amounted to ₹10,502 crore, including ₹931 crore from goods import.
Revenue growth was buoyant across most States. As many as 20 States and Union Territories saw revenues rise faster than the 44% national average, including the major industrial States of Karnataka (60%), Maharashtra (50%) and Gujarat (46%).
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