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GST collection misses the Rs 1-trillion mark in May, stands at Rs 940 bn

It is higher compared to the average monthly collection of Rs 898.85 billion in 2017-18

Economy Of India  |  India  |  Goods And Services Tax

Press Trust of India  |  New Delhi 

gst ,return filing

collections in May declined to Rs 940.16 billion from over Rs 1.03 trillion in April, the said on Friday.

As many as 6.247 million businesses filed their summary sales return GSTR-3B in the month of May.

The total gross revenue collected in May 2018 is Rs 940.16 billion, of which CGST is Rs 158.66 billion, SGST Rs 216.91 billion, IGST Rs 491.20 billion and cess Rs 73.39 billion, the ministry 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 940.16 billion) is much higher than the monthly average of collection in the last Financial Year (Rs 898.85 billion). The April revenue figure was higher because of year-end effect," the ministry said.

As much as Rs 66.96 billion has been released to the states as GST compensation for the month of March 2018, as on May 29.

Therefore, the total GST compensation released to the states for the FY 2017-18 (July 2017 to March 2018) has been Rs 478.44 billion, the ministry said.

"The total GST collection for May 2018 is Rs 940.16 billion, which is higher compared to the average monthly collection of Rs 898.85 billion of 2017-18. This reflects better compliance after the introduction of bills," Finance Secretary tweeted.

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First Published: Fri, June 01 2018. 13:23 IST