GST mop-up rises 12% to Rs 1.57 trillion in May despite external headwinds
With this, gross GST has crossed Rs 1.5 trillion for the fifth time since the inception of the indirect tax regime, making it a new base for this fiscal year. Monthly GST reported more than Rs 1.4 trillion for 14 months in a row.
During the month, revenues from imports of goods were 12 per cent higher and those from domestic transactions (including imports of services) were 11 per cent more than the equivalent figures during the same month last year, the finance ministry said while releasing the provisional numbers on Thursday.
Of the gross GST collected in May, central GST is Rs 28,411 crore, state GST Rs 35,828 crore, integrated GST Rs 81,363 crore (including Rs 41,772 crore on imports of goods), and the cess is Rs 11,489 crore (including Rs 1,057 crore collected on imports of goods).
Maharashtra, Gujarat, Karnataka, and Tamil Nadu clocked the highest collection because these states have a large corporate base and attract most of the investments that come to India.
“Collection reflects the efforts of state governments and ease of business operations,” said Ankur Gupta, practice leader (indirect tax), SW India.
The majority of the states are reflecting double-digit growth barring a few like Punjab (which is negative), Rajasthan, and West Bengal. Lower investment in these states can be one of the reasons for this, Gupta said.
With this, gross GST has crossed Rs 1.5 trillion for the fifth time since the inception of the indirect tax regime, making it a new base for this fiscal year. Monthly GST reported more than Rs 1.4 trillion for 14 months in a row.
During the month, revenues from imports of goods were 12 per cent higher and those from domestic transactions (including imports of services) were 11 per cent more than the equivalent figures during the same month last year, the finance ministry said while releasing the provisional numbers on Thursday.
Of the gross GST collected in May, central GST is Rs 28,411 crore, state GST Rs 35,828 crore, integrated GST Rs 81,363 crore (including Rs 41,772 crore on imports of goods), and the cess is Rs 11,489 crore (including Rs 1,057 crore collected on imports of goods).
Maharashtra, Gujarat, Karnataka, and Tamil Nadu clocked the highest collection because these states have a large corporate base and attract most of the investments that come to India.
“Collection reflects the efforts of state governments and ease of business operations,” said Ankur Gupta, practice leader (indirect tax), SW India.
The majority of the states are reflecting double-digit growth barring a few like Punjab (which is negative), Rajasthan, and West Bengal. Lower investment in these states can be one of the reasons for this, Gupta said.
