GST Collections in May Drop to Rs 94,016 Crore

Tax departments across the country are keeping a close watch on prices following the 1 July rollout of the goods and services tax (GST).

(Photo: iStock)

GST collections in May declined to Rs 94,016 crore from over Rs 1.03 lakh crore in April, the Finance Ministry said on 1 June. As many as 62.47 lakh businesses filed their summary sales return GSTR-3B in the month of May.

The total gross GST revenue collected in May 2018 is Rs 94,016 crore, of which CGST is Rs 15,866 crore, SGST Rs 21,691 crore, IGST Rs 49,120 crore and cess Rs 7,339 crore, 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 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.

As much as Rs 6,696 crore has been released to the states as GST compensation for the month of March 2018, as on 29 May.

Therefore, the total GST compensation released to the states for the FY 2017-18 (July 2017 to March 2018) has been Rs 47,844 crore, the ministry said.

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.

Hasmukh Adhia, Finance Secretary