Good tidings for your June 2nd bread: GST coffers are flowing for the Indian government
Suspense Crime, Digital Desk : GST collection in May was not good. The overall GST collection in the month of May this year stands at Rs 1.94 lakh crore. In April, it was Rs 2.43 lakh crore.GST collection is completely dependent on sale of goods. This makes it evident that sale of goods had slowed down in the month of May from April. Although Finance Ministry insists that sales of goods for whichGST rates were reduced last September have seen double digit growth.
The GST collection from domestic sales in May this year was below that from imports. The entire GST collected of Rs 1.94 lakh crore included CGST amounting to Rs 37,397 crore, SGST to Rs 45,143 crore and IGST to Rs 1.11 lakh crore. The net GST collection after accounting for refunds stood at Rs 1.66 lakh crore which is 3.3 per cent growth over net GST collection for the month of May last year.
What amount of GST relates to states:
The states also collected lesser amount in the month of May this year than for the same period last year. The states like Jammu and Kashmir, Himachal Pradesh, Punjab, Uttarakhand, Delhi, Rajasthan, Bihar, West Bengal, Chhattisgarh and Tamil Nadu recorded a drop in their GST revenue in May this year from last year according to government data.
Among major states Uttar Pradesh registered 13 per cent growth and was followed by Madhya Pradesh and Gujarat with one per cent growth respectively and Haryana with 8% and Karnataka 1% respectively. For Maharashtra and Jharkhand, GST revenue in May recorded a 0% growth.
States like Delhi and Punjab recorded a drop of 17 and 5 per cent in GST revenue respectively while Himachal Pradesh and Bihar registered a 27% and 7% fall respectively. The states of Assam, Uttarakhand and Tamil Nadu witnessed 13%, 19% and 15% decrease respectively in their GST revenues.
