Home Finance Odisha Collects More GST

Odisha Collects More GST

Bhubaneswar: Odisha continues to collect more and more GST, thanks to overdrive of the State Government officials.

In month of May Odisha has collected Rs.3956 Crore, while registering 24 Per cent growth over corresponding period of 2021.

During May 2021, Odisha was able to collect Rs.3197 Crore, said an official.

So far India is concerned, the gross GST revenue collected in the month of May 2022 is Rs.1,40,885crore.

And of which CGST is Rs.25,036 crore, SGST is Rs.32,001 crore,IGST is Rs.73,345 crore (including Rs. 37469 crore collected on import of goods) and cess is Rs.10,502 crore (including Rs.931 crore collected on import of goods).

The Union 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, Centre has also released GST compensation of Rs.86912 crores to States and UTs on 31.05.2022.

The revenues for the month of May 2022 are 44% higher than the GST revenues in the same month last year of Rs.97,821 crore. During the month, revenues from import of goods were 43% higher and the revenues from domestic transaction (including import of services) are 44% 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 lesser 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% lesser than 7.7 crore e-way bills generated in the month of March 2022.