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GST Collections For May Exceed Rs 94,000 Crore, Down From April Record Of Rs 1 Lakh Crore
A shopkeeper showing new updated GST bill at the store in Delhi (Ravi Choudhary/Hindustan Times via Getty Images)
Collections under the Goods and Services Tax (GST) for the month of May have totalled Rs 94,016 crore, down from Aprils record of Rs 100,000 crore or Rs 1 trillion, according to a release by the Press Information Bureau. Of the total collections, Rs 15,866 crore was Central GST (CGST), Rs 29,691 crore was State GST (SGST) and Rs 49,120 crore was Integrated GST (IGST) which is levied on inter-state purchases. The IGST total also included Rs 24,447 crore collected on imports. Rs 7,339 (including Rs 854 crore on imports) was collected as cess.
Total revenues earned by the Centre was Rs 28,797 crore while states earned Rs 34,020 crore after settlements.
While the collections are a drop from the previous month’s collections – attributed to collections due to the end f the financial year – it is higher than the monthly average of collections during the last financial year which was Rs 89,885 crore.
Rs 6,696 crore was released tot he states on 29 May as compensation for the months of March, therefore increasing the total amount disbursed to states to Rs 47,844 crore for the financial year 2017-2018.
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