GST collection for June 2018 is Rs 95,610 crores, higher than May but lower than April
New Delhi, July 1: Finance Secretary Hasmukh Adhia on Sunday said that GST revenue for the month June rose to Rs 95,610 crore as compared to Rs 94,016 crore in May.
The May GST collection was a tad lower than April 2018's GST collection, which was Rs 1.03 lakh crore. April's GST collection was highest since the new tax regime was rolled out on July 1 last year. March 2018's GST collection was Rs 89,264 crore.
In April 2018, the collections from Goods and Services Tax (GST) were over Rs 1.03 lakh crore. The total number of GSTR-3B returns filed for the month of May up to June 2018 is 64.69 lakh, the finance ministry said in a statement.
"The total gross revenue collected in the month of June 2018 is Rs 95,610 crore," Adhia said.
The average monthly GST collections have been Rs 89,885 crore in the previous fiscal, which saw revenues at Rs 7.41 lakh crore in the July-March period. In June, total revenues earned by the Centre and states after settlement are Rs 31,645 crore for Central Goods and Services Tax (CGST) and Rs 36,683 crore for State Goods and Services Tax (SGST), the ministry said.
Of the total Rs 95,610 crore gross revenue collected in June, Rs 15,968 crore is on account of CGST, Rs 22,021 crore SGST, Rs 49,498 crore (including Rs. 24,493 crore collected on imports) on account of Integrated Goods and Services Tax (IGST) and Rs 8,122 crore from cess. Adhia said that Rs 1 lakh crore revenue is "not the norm still".
"We hope to bring it (GST revenue) to the level of Rs 1 lakh crore (every month)," he said while addressing the GST-Day celebrations in New Delhi.
Adhia also said if bogus bills are not issued, then revenues would improve further in the coming months. During his speech, the secretary also acknowledged the efforts of stakeholders, central and state tax officers and business community in making GST, which was rolled out on July 1 last year, a success.
In the month of June 2018, additional provisional settlement has been done and Rs 50,000 crore has been settled between the Centre and states. This is in addition to the earlier provisional settlement of Rs 35,000 crore in February 2018, the ministry added.
OneIndia News with PTI inputs