GST monthly collections

GST monthly collections slightly below then April

Total 62.46 lakh businesses filed their summary sales return Form GSTR-3B in the month of May 2018.

New Delhi, Riding on better compliance after introduction of e-way bills, In May, the GST monthly collections came at Rs 94,016 crore, Ministry of Finance said in a notification. Against an average mop up of nearly Rs 90,000 crore per month in FY 2017-18.

Collection Details

Finance Ministry said, Total CGST collected Rs.15,866 crore,under SGST Total collected Rs 21,691 crore, under IGST collected 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 revenue earned by the Central  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.
“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 Monthly collections had crossed Rs 1 lakh crore for the first time in previous month. The higher mop up indicates that the indirect tax regime was establishing and that economic revival was picking up pace. GST was rolled out across the country on July 1,2017.

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