The Goods and Services Tax collection for May stood at Rs 1.40 lakh crore, the Union Ministry of Finance said on Wednesday. The collection is lower by Rs 28,000 crore from April’s all-time high of Rs 1.68 lakh crore.
This is only the fourth time that the monthly goods and service tax collection has crossed Rs 1.40 lakh crore.
“The collection in the month of May, which pertains to the returns for April, the first month of the financial year, has always been lesser than that in April, which pertains to the returns for March, the closing of the financial year,” the ministry said.
Revenues from import of goods was 43% higher and the revenues from domestic transactions were 44% more than the same month last year.
The Goods and Service Tax collection was higher in April because of compliance by taxpayers and recovery in business activity.