Goods and services tax (GST) collections slipped below the Rs 1.5 trillion mark in May. India saw gross GST collections of Rs 1.41 trillion during the month.

However, the collections in May are 44 per cent higher than the same month in 2021.

In April, GST collections had touched a record high of Rs 1.68 trillion, surpassing the Rs 1.5-trillion mark for the first time.

“The collections in the month of May, which pertains to the returns for April (the first month of the financial year), have always been lesser than that in April, which pertains to the returns for March, the closing of the financial year, finance ministry stated on Wednesday while releasing the monthly collection figures.

It further said that it is encouraging to see that even in the month of May, the gross GST revenues have crossed the Rs 1.41 trillion mark.

Total number of e-way bills generated in the month of April 2022 was 74 million, which is 4 per cent lower than 77 million e-way bills generated in the month of March.

This is the third consecutive month since March and the fourth time since inception when monthly GST collections have crossed the Rs 1.40 trillion mark, the ministry pointed out.

The gross GST revenue collected in the month of May is Rs 1.41 trillion. Of which Central GST is Rs 25,036 crore, State GST is Rs 32,001 crore, Integrated GST is Rs 73,345 crore (including Rs 37,469 crore collected on import of goods), and cess is Rs 10,502 crore (including Rs 931 crore collected on import of goods).

“The government 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 the month of May 2022 after regular settlement is Rs 52,960 crore for CGST and Rs 55,124 crore for the SGST. In addition, the Centre has also released GST compensation of Rs 86,912 crores to states, finance ministry said.

During the month, revenue from imports of goods was 43 per cent higher and from domestic transactions (including imports of services) 44 per cent higher than the revenues from these sources during the same month last year.