GST collection in May falls to Rs 94,016 crore

GST collection in May falls to Rs 94,016 crore

The GST collection in the month of May fell from Rs 1.03 lakh crore recorded in April to Rs 94,016 crore. However, the May GST collection was higher than the monthly average of Rs 89,885 crore of the fiscal year 2017-18. GST Collection: Govt collects Rs 65,000 cr GSTAnalysts say that the lower collection for May as compared with previous month was expected as in the last month of the financial year (March), people try to pay arrears, leading to higher revenue collection. Moreover, the trend also suggests that in April, the tax collection is usually lower than other months

“For the month of April, the collection of Rs 94,016 crore is a good collection. But now the collection should really go up to Rs 1 lakh crore for the government to be in a good spot,” Pratik Jain of PwC told CNBC-TV18. The government’s target for FY18-19 puts an average collection of Rs 1.10 lakh crore. Pratik Jain said that the GST collection in May was a 5% jump from monthly average, however, it seemed that the roll-out of E-way bill did not bring quite the result the government was expecting.

Inter-state E-way bill was launched from April 1, while intra-state full launch will be from July 3. E-way bill was launched with the aim to curb tax evasion on the movement of goods in the country. Of the total collection, CGST is Rs 15,866crore, SGST is Rs 21,691 crore, IGST is Rs 49,120 crore, the Finance Ministry said.

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Source: Live Mint

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