GST monthly collection at Rs 94,016 crore in May

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Riding on better compliance after introduction of e-way bills, the government collected Rs 94,016 crore in the form of goods and services tax (GST) against an average mop up of nearly Rs 90,000 crore per month in FY 2017-18. 

Giving up the break up, Finance Ministry said Rs.15,866 crore was collected as CGST, Rs 21,691 crore as SGST, Rs 49,120 crore IGST (including Rs. 24,447 crore collected on imports) and Cess is Rs. 7,339 crore (including Rs 854 crore collected on imports). 
The total revenue earned by Central Government and the State Governments after settlement in the month of May, 2018 is Rs.28,797 crore for CGST and Rs 34,020crore for the SGST. 

“Total GST collection for May 2018 is Rs 94,016 crores, which is higher compared to average monthly collection of Rs 89,885 crore of 2017-18. This reflects better compliance after introduction of e-way bills,” Finance Secretary Hasmukh Adhia said.

As many as 62.46 lakh businesses filed their summary sale return GSTR-3B in the month of May.

“The number returns filed for the month of April up to May 31, is 62.46 lakh as against 60.47 lakh filed for March till 30th April,” Adhia said.

“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 ministry said.

GST collections had crossed Rs 1 lakh crore for the first time in April. The higher mop up indicates that the indirect tax regime was stabilising and that economic revival was picking up pace. GST was rolled out across the country on July 1 last year.

Read more at: https://economictimes.indiatimes.com/news/economy/finance/gst-monthly-collection-at-rs-94016-crore-in-may/articleshow/64411937.cms