Economy

GST collection crosses ₹ 1 lakh crore-mark for third consecutive month in May

Shishir Sinha New Delhi | Updated on June 01, 2019 Published on June 01, 2019

Even after slowdown in industrial activity, the Government managed to collect more than ₹1 lakh crore plus in May. This is third consecutive month of ₹1 lakh crore plus mobilization. However, collection in May was lower than all-time high of April.

According to Finance Ministry data, total gross GST revenue collected in the month of May, 2019 is ₹ 1,00,289 crore of which CGST (Central Goods & Services Tax) is ₹ 17,811 crore, SGST (State Goods & Services Tax) is ₹ 24,462 crore, IGST (Integrated Goods & Services Tax) is ₹ 49,891 crore (including ₹ 24,875 crore collected on imports). Collection from cess was ₹ 8,125 crore (including ₹ 953 crore collected on imports).

The revenue in May, 2018 was ₹ 94,016 crore and the revenue during May, 2019 is a growth of 6.67 per cent over the revenue in the same month last year. The revenue in May, 2019 is 2.21 per cent higher than the monthly average of GST revenue in FY 2018-19 (Rs 98,114 crore).

The growth in revenue collection has come at a time when industrial production has slowed down. Growth rate in Core sector (comprising of eight industrial sectors, steel, coal, electricity, cement, Refinery production, crude oil, natural gas and fertiliser) dropped to 2.6 per cent in April. These eight sectors together comprise of over 40 per cent in Index of Industrial Production (IIP), which reflects performance of overall industry. April figure for IIP to be released on June 12 while it turned negative in March.

There are 72.45 lakhs assesses filed GSTR 3B (form for return) for the month of April up to May 31.

The government has settled ₹18,098 crore to CGST and ₹ 14,438 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of May, 2019 is ₹ 35,909 crore for CGST and ₹ 38,900 crore for the SGST.

The revenue in May, 2018 was ₹ 94,016 crore and the revenue during May, 2019 is a growth of 6.67 per cent over the revenue in the same month last year. The revenue in May 2019 is 2.21 per cent higher than the monthly average of GST revenue in FY 2018-19 (₹ 98,114 crore).

An amount of ₹ 18,934 crore has been released to the states as GST compensation for the months of February-March, 2019.

Published on June 01, 2019
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