The average monthly GST (Goods and services tax) collection of 2018 fiscal is Rs. 89,885 crore
The total GST (Goods and Services Tax) collection for May 2018 is Rs. 94,016 crores, which is higher compared to average monthly collection of Rs. 89,885 crores of 2017-18, Union Finance Secretary Hasmukh Adhia said in a tweet on Friday. Adhia further said that this reflects better compliance after introduction of e-way bills. Not only the total collection rose, but the number of returns filed for the month of April upto May 31 rises to 62.46 lakh against 60.47 lakh for March till April 30.
The constant increasing trend of quarterly GDP numbers in the four-quarters of 2017-18 at 5.6%, 6.3%, 7% and 7.7% indicates that the structural measures of reforms undertaken by government is now bringing rich dividends in the form of higher GDP growth rate.
What is most noticeable is the increase in the growth rate of GVA of manufacturing sector in the last two quarters of 2017-18 at 8.5% and 9.1%, at constant price. “We would like to believe that GST has given a big boost to the Industrial Sector,” Adhia further said.
As per the figures released by the Finance Ministry, out of the Rs. 94,016 crore, Rs. 15,866 crore was collected as Central GST (CGST) and Rs. 21,691 crore as State GST (SGST). Rs. 49,120 crore was collected as Integrated GST (IGST) and Rs. 7,339 crore as cess.