India's GST collection in May 2018 croses Rs 94000 Crores

India collected a Rs 94,016 crore in the form of goods and services tax (GST) in May 2018, up from the average collection of nearly Rs 90,000 crore per month in financial year of 2017-18. 

India's GST collection in May 2018 croses Rs 94000 Crores

NEW DELHI: India collected a Rs 94,016 crore in the form of goods and services tax (GST) in May 2018, up from the average collection of nearly Rs 90,000 crore per month in financial year of 2017-18. 

“Gross revenue collection in may is much higher than the monthly average of GST collection in the last financial year,” said the Ministry of Finance. 

Giving a breakup of the collection, the Finance Ministry said that CGST collection is Rs 15,866 crore, SGST is Rs 21,691 crore, IGST is Rs 49,120 crore (including Rs 24,447 crore collected on imports) and Cess is Rs 7,339 crore (including Rs 854 crore collected on imports). “The total number of GSTR 3B Returns filed for the month of April up to 31st May, 2018 is 62.47 lakh,” said the ministry. 

“The total revenue earned by Central Government and the State Governments after settlement in the month of May, 2018 is Rs 28,797crore for CGST and Rs 34,020crore for the SGST,” add the Ministry.

“Though current month’s revenue collection is less compared to last month’s revenue, still the gross revenue collection in the month of May (Rs 94,016 crore) is much higher than the monthly average of GST collection in the last Financial Year (Rs 89,885 crore). The April revenue figure was higher because of year end effect.

"The total GST collection for May 2018 is Rs 94,016 crores, which is higher compared to average monthly collection of Rs 89,885 crores of 2017-18. This reflects better compliance after introduction of e-way bills," tweeted Dr Hasmukh Adhia, Finance Secretary, Government of India.

"The number Returns filed for the month of April upto 31st May is 62.46 lakhs as against 60.47 lakhs filed for March till 30th April," he added.

“On 29.05.2018, Rs 6696 crore has been released to the states as GST compensation for the month of March, 2018. Therefore, the total GST compensation released to the states for the FY 2017-18 (Jul,2017 to Mar, 2018) has been Rs 47844 crore,” said the Finance Ministry in a release.

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