Jammu: Jammu and Kashmir has registered a growth of 60 percent in GST revenue collection during the month of May 2022 as compared to May 2021.
As per the statistics shared by the Union Ministry of Finance vis-a-vis State/UT-wise growth of GST revenues during May 2022 as compared to May 2021 this evening, Jammu and Kashmir collected Rs 372 Cr in the previous month i.e., May. This figure was Rs 232 Cr in May 2021.
However, the Union Territory of Ladakh recorded 134 percent growth in GST revenue collection in May 2022.
It figured on the third slot in the list of States and the Union Territories with only Daman and Diu and Lakshadweep ahead of it by registering 153 percent and 148 percent growth respectively.
J&K’s neighbouring state Himachal Pradesh achieved 37 percent growth in GST revenue collection by settling at Rs 741 Cr in May 2022 against Rs 540 Cr during the same period last year.
Another hilly state Uttarakhand achieved 46 percent growth with Rs 1309 Cr GST revenue collection in the previous month against that of May 2021.
As per the statistics, the gross GST revenue collected in the month of May 2022 is Rs 1,40,885 Cr; thus registering an increase of 44 percent year-on-year. GST collection crossed Rs 1.40 lakh crore mark 4th time since inception of GST; 3rd month at a stretch since March 2022.
Out of the gross GST revenue collected in the month of May 2022 i.e., Rs 1,40,885 Cr, CGST is Rs 25,036 Cr, SGST is Rs 32,001 Cr, IGST is Rs 73,345 Cr (including Rs 37469 Cr collected on import of goods) and cess is Rs 10,502 Cr (including Rs 931 Cr collected on import of goods). “The government has settled Rs 27,924 Cr to CGST and Rs 23,123 Cr 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 Cr for CGST and Rs 55,124 Cr for the SGST. In addition, Centre has also released GST compensation of Rs 86912 Cr to States and UTs on May 31, 2022,” the ministry stated.
It added that the revenues for the month of May 2022 are 44 percent higher than the GST revenues in the same month last year of Rs 97,821 Cr. During the month, revenues from import of goods were 43 percent higher and the revenues from domestic transactions (including import of services) were 44 percent 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 since 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, it is encouraging to see that even in the month of May 2022, the gross GST revenues 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 is 4 percent lesser than 7.7 crore e-way bills generated in the month of March 2022,” the ministry mentioned.