Andhra Pradesh sees 47 percent growth in GST collections for May 2022
Goods and Services Tax
The Finance Ministry said that Andhra Pradesh has witnessed significant growth in Goods and Services Tax (GST) collections in the month of May 2022 with Rs 3,047 crore. The GST collected in May this year is 47 per cent higher than Rs 2,074 crore collected in the last year. In Telangana, there is a 33 per cent growth in GST collection, which collected Rs. 3,982 crore against Rs 2,984 crore last year.
Meanwhile, the GST collected across the country is at Rs 1,40,885 crore in May with an increase of 44 per cent over Rs 97,821 crore collected in the same month last year. Revenue from imports of goods increased by 43 per cent and revenue from domestic transactions by 44 per cent compared to the previous year.
This is the fourth time since the collection of GST that monthly collections have crossed the Rs 1.40 lakh crore mark and it is the third time the government has announced the GST collections.