GST revenue collection for May 2018

GST revenue collection for May 2018

Rs 94,016 Crore of total gross GST revenue collected in May2018

Gross revenue collection in may is much higher than the monthly average of GST collection in the last financial year

The total gross GST revenue collected in the month of May2018 is Rs. 94,016 crore of which CGST is ₹ 15,866 crore, SGST is ₹ 21,691 crore, IGST is ₹ 49,120 crore (including ₹ 24,447 crore collected on imports) and Cess is ₹ 7,339 crore (including ₹ 854 crore collected on imports).The total number of GSTR 3B Returns filed for the month of April up to 31^st May, 2018 is 62.47 lakh.

The total revenue earned by Central Government and the State Governments after settlement in the month of May, 2018 is ₹ 28,797 crore for CGST and ₹ 34,020 crore for the SGST.

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.

On 29.05.2018, ₹ 6696 crore has been released to the states as GST compensation for the month of March, 2018. Therefore, the total GST compensation released to the states for the FY 2017-18 (Jul,2017 to Mar, 2018) has been ₹ 47844 crore.