Business

GST Collection Drops In May To Rs 94,016 Crore, From Rs 1 Lakh Crore In April

DIVYIA ASTHANA | 0
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| June 1 , 2018 , 14:01 IST

GST collections, after crossing the Rs 1 lakh crore milestone in April for the first time with a total gross GST revenue collection of Rs 1,03,458 crore have now dropped to Rs 94,016 crore in May, the Finance Ministry said on Friday.

In May 2018, the CGST or Central GST collection stood at Rs 15,866 crore with the State GST collection clocking in at Rs 21,691 crore and the Integrated GST collections coming in at Rs 49,120 crore (including Rs 24,447 crore collected on imports). The cess collected was Rs 7,339 crore, including Rs 854 crore collected on imports.

The Finance Ministry in a press release highlighted that while the Goods and Services Tax (GST) collections for May was less than that of April, it was still higher than that of the monthly average.

"Though current month's revenue collection is less compared to last month's revenue, still the gross revenue collection in the month of May is much higher than the monthly average of GST collection in the last Financial Year (Rs 89,885 crore)," said the Finance Ministry.

"The April revenue figure was higher because of year end effect," it added.

Ministry officials and even Finance Minister Arun Jaitley had expressed hope that the April's GST collection trend would continue. However, the finance ministry said that tax collections usually hike in the last month of a financial year and therefore the April 2018 GST revenue should not be taken as a trend for the future.

According to the Ministry of Finance, the government garnered Rs 7.41 lakh crore from GST collections during 2017-18, out of which the total GST compensation released to the states was Rs 47,844 crore.