Prime Minister Narendra Modi’s government suffered a setback after the Goods and Services Tax (GST) collection declined in May from a record Rs. 1.03 trillion collected in April.
In May, the figure stood at Rs. 94,016 crore.
Here are the details you need to know about GST collection in May:
1. The total gross GST revenue collected in May is Rs. 94,016 crore of which Central Goods and Services Tax (CGST) is Rs.15,866 crore, State Goods and Services Tax (SGST) is Rs. 21,691 crore, Integrated Goods and Services Tax (IGST) is Rs. 49,120 crore (including Rs. 24,447 crore collected on imports) and Cess is Rs. 7,339 crore (including Rs.854 crore collected on imports).
2. The total number of GSTR 3B Returns filed for the month of April up to May 31s is Rs. 62.47 lakh.
3. As per the figures released by the Ministry of Finance, the total revenue earned by the central government and the state governments after settlement in May is Rs. 28,797 crore for CGST and Rs.34,020 crore for the SGST.
4. Though the current month’s revenue collection is less compared to last month’s revenue, still the gross revenue collection in May (Rs. 94,016 crore) is much higher than the monthly average of GST collection in the last financial year (Rs. 89,885 crore).
5. The April revenue figure was higher because of year-end effect.
6. On May 29, Rs. 6696 crore has been released to the states as GST compensation for March.
7. Therefore, the total GST compensation released to the states for the FY 2017-18 (July 2017 to March 2018) has been Rs. 47844 crore.
8. Finance Secretary Dr. 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 better compliance after introduction of e-way bills.”
“The number Returns filed for the month of April upto 31st May is 62.46 lakhs as against 60.47 lakhs filed for March till 30th April,” he added.
9. The Finance Secretary further said that the government reforms are now reaping their benefits.
“The constant increasing trend of quarterly GDP (Gross Domestic Product) numbers in the Four-Quarters of 2017-18 at 5.6%, 6.3%, 7% and 7.7% indicates that the structural measures of reforms undertaken by Government is now bringing rich dividends in the form of higher GDP Growth Rate,” he posted on Twitter.
10. He said it is the GST which gave a boost to the industrial sector.
“What is most noticeable is the increase in the Growth Rate of GVA of Manufacturing Sector in the last two Quarters of 2017-18 at 8.5% and 9.1% at constant price. We would like to believe that GST has given a big boost to the Industrial Sector,” Dr. Adhia said.
11. Meanwhile, Union food processing minister Harsimrat Kaur Badal announced the Centre has decided that it will refund its GST share on raw materials procured to prepare free meals (langar) at religious institutions like gurdwara under a new scheme called ‘Seva Bhoj Yojana’.
12. Before implementation of GST, there was no value-added tax (VAT) on the buying of raw materials for langars.
Recommended for you
Leave a Reply
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
