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

GST collections in May declined to Rs 940.16 billion from over Rs 1.03 trillion in April, the Finance Ministry 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 GST 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 GST collection in the last Financial Year (Rs 898.85 billion). The April revenue figure was higher because of year-end effect,” the ministry said.

Also Read : India retains tag of fastest growing economy; GDP rises 7.7% in Jan-Mar

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 e-way bills,” Finance Secretary Hasmukh Adhia tweeted.

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