The Finance Ministry has said Goods and Services Tax (GST) collections touched Rs 1 lakh crore in May 2019 as compared to Rs 94,016 crore in the year ago period. The total gross GST revenue collected in the month of May, 2019 was Rs 1,00,289 crore of which CGST (Central GST) was Rs 17,811 crore, SGST (State GST) was Rs 24,462 crore, IGST (Integrated GST) was Rs 49,891 crore and Cess was Rs 8,125 crore. However, the gross collection in May was lower than Rs 1,13,865 crore collected in April 2019.
An amount of Rs 18,934 crore has been released to the states as GST compensation for the months of February-March, 2019. A total of 72.45 lakh GSTR-3B returns were filed in the month of May, higher than 72.13 lakh in April.
As per the budget estimate for the current financial year (FY20), the average monthly GST collection is pegged at 1.14 lakh crore. The average of the first two months of the fiscal is below the required rate, though the collection has breached the 1-lakh crore mark for three consecutive months for the first time since GST was implemented.