Navyamedia
Business News

Collection Of GST Dropped In May to Rs 94,016 crore

In May GST collection declined to Rs 94,016 crore from over Rs 1.03 lakh crore in April, the Finance Ministry said on Friday.

As many as 62.47 lakh businesses filled their summary sales return GSTR-3B in the month of May.

Rs 94,016 crore is the total gross GST revenue collection in May, 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.

The ministry said,”Though current month’s revenue collection is less compared to last month’s revenue, still the gross 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.”

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

Therefore, the 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.

Finance Secretary Hasmukh Adhia tweeted,”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 after the introduction of e-way bills.”

Related posts

Uber, Ola drivers begin indefinite strike

admin

GoAir, IndiGo cancel several flights after DGCA order

admin

Govt tells banks to publish photos of loan defaulters in newspapers

admin

Leave a Comment