Many large companies to move Appellate Authority against GST demand notices
In recent days, an increasing number of GST notices have been sent to many companies mainly on account of alleged discrepancy in input tax credit (ITC).
The gross GST (Good & Services Tax) revenue collected in the month of May 2022 is Rs 1,40,885 crore.
Of this, CGST (Central Good & Services Tax) is Rs 25,036 crore, SGST (State Good & Services Tax) is Rs 32,001 crore, IGST (Integrated Good & Services Tax) 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).
An official note said the government has settled Rs 27,924 crore to CGST and Rs 23,123 crore to SGST from IGST. The total revenue of the Centre and the states in the month of May 2022 after the regular settlement is Rs 52,960 crore for CGST and Rs 55,124 crore for the SGST. In addition, the Centre has also released GST compensation of Rs 86912 crores to states and UTs on 31 May.
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The revenues for the month of May 2022 are 44 per cent 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 per cent higher and the revenues from the domestic transaction (including import of services) are 44 per cent higher than the revenues from these sources during the same month last year.
This is only the fourth time the monthly GST collection crossed the Rs 1.40 lakh crore mark since the inception of GST and the 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. The total number of e-way bills generated in the month of April 2022 was 7.4 crore, which is 4 per cent lesser than the Rs 7.7 crore e-way bills generated in the month of March 2022.
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