GST collections touched Rs 1 trillion in May 2019, as compared to Rs 94,016 crore in the period of May 2018, a growth of 6.67 per cent over the revenue. This is third consecutive month of ₹1 lakh crore plus mobilization. However, collection in May was lower than all-time high of April.
Requirement of GST Registration in India
Even after slowdown in industrial activity, the Government managed to collect more than ₹1 lakh crore plus in May. 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 % in Index of Industrial Production (IIP), which reflects performance of overall industry.
Agents under Goods and Service Tax (GST) Regime
The gross collection in May at Rs 1,00,289 crore is, however, lower than Rs 1,13,865 crore collected in April 2019 and Rs 1,06,577 crore collected in March 2019. 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). A total of 72.45 lakh GSTR-3B returns were filed in the month of May, higher than 72.13 lakh in April.
According to Finance Ministry data, The total gross GST revenue collected in the month of May, 2019 is Rs 1,00,289 crore of which
- CGST is Rs 17,811 crore,
- SGST is Rs 24,462 crore,
- IGST is Rs 49,891 crore (including ₹ 24,875 crore collected on imports) and
- Cess is Rs 8,125 crore (including ₹ 953 crore collected on imports.
B2B: GST Council sets up 2 sub-groups to examine – Policy, legal, technical aspects
An amount of Rs 18,934 crore has been released to the states as GST compensation for the months of February-March, 2019. 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.
For any question visit us at forum
