Question
The collection of goods and services tax (GST) was
highest in April 2022 as Rs 1.68 trillion, what is the collection of GST for May 2022.Solution
Goods and Services Tax (GST) is an indirect tax (or consumption tax) levied on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. The finance ministry released the provisional data on GST for May 2022. The collection of goods and services tax (GST) was Rs 1.41 trillion (₹1,40,885 crore) in May. It was 16 per cent (Rs 26,655 crore) lower than the record collection of Rs 1.68 trillion in April. However, the latest figure is 44 per cent higher than Rs 97,821 crore a year ago. Also, the mop-up in May is still the fourth-highest since the inception of GST in July 2017.
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