Hasmukh Adhia, the Union Finance Secretary has announced that the revenue collection from the total goods and services tax (GST) for the month of May amounted to Rs 94,016 crores. The news became trending on Friday after the statement given by Adhia.
In this context, he quoted, “The total GST collection for May (April revenue collected in May) is Rs 94,016 crore, which is higher compared to average monthly collection of Rs 89,885 crore of 2017-18. This reflects better compliance after introduction of e-way bills.”
Digging into the details, the Finance Ministry’s information as filed in the reports revealed that out of the total amount of revenue, Central GST (CGST) amounted to Rs 15,866 crore while the State GST (SGST) amounted to Rs 21,691 crore. On the other hand, Rs 49,120 crore was received as Integrated GST (IGST) and Rs 7,339 crore was totaled as cess.
The Union Finance Secretary, Adhia also revealed that the number of returns in April elevated to 62.46 lakh as against 60.47 lakh in the month of March. The March revenue amount, which was collected in April, at Rs 103,459 was higher because of year-end effect.
An official statement stated,“The total GST compensation released to the states for the FY 2017-18 (beginning July) has been Rs 47,844 crore.”
According to the same official statement, the latest revenue collection is less than that of the previous month. But still, the gross revenue earning in May is much bigger than the monthly average of GST collection in the previous financial year which amounted to Rs 89,885 crore. The Ministry also stated that the states have been provided with Rs 6,696 crore in form of GST compensation for the month of March.