GST accumulations cross Rs 1 lakh crore mark for third straight month in May to Rs 1,00,289 crore

India’s goods and services tax (GST) revenue accumulations crossed Rs 1 lakh crore for the third straight month in May to Rs 1,00,289 crore, in spite of slow down in the industrial activities. Be that as it may, GST mop-up in May was lower than all time high of Rs 1.13 lakh crore in the month of April, highest ever since the indirect tax regime was rolled out on July 1, 2017.

GST accumulations ascended by 6.67 percent over the income of Rs 94,016 crore detailed in May 2018. The income in May, 2019 was 2.21 percent higher than the monthly average of GST income in monetary year 2018-19 (Rs 98,114 crore), as per an information released by the Ministry of Finance.

“Out of all GST mop-up, Rs 17,811 crore was CGST, Rs 24,462 crore was SGST, IGST was Rs 49,891 crore (counting Rs 24,875 crore gathered on imports) and Cess was Rs 8,125 crore (counting Rs 953 crore gathered on imports),” the information showed.

The all out number of GSTR 3B Returns filed for the month of April up to 31st May, 2019 was 72.45 lakh, higher than 72.13 lakh in the most recent month. The GSTR-3B Form is the summary of outward supplies, input tax credit (ITC) asserted and payment of net tax.

“The government has settled Rs 18,098 crore to CGST and Rs 14,438 crore to SGST from IGST as standard settlement. The complete income earned by Central Government and the State Governments after customary settlement in the month of May, 2019 is Rs 35,909 crore for CGST and Rs 38,900 crore for the SGST,” it said.

An amount of Rs 18,934 crore has been discharged to the states as GST pay for the month of February-March, 2019, it included.

For the money related year 2019-20, the government has set a GST gathering focus of Rs 6.10 lakh crore from CGST and Rs 1.01 lakh crore as pay cess. The IGST equalization has been pegged at Rs 50,000 crore for the monetary.

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Certicom Consulting [ Kedia Arpana & Co ] is a group of Chartered Accountants in the business of Small Business Setup & Statutory Compliance including for Professionals for the past 15 years. We have been an established and popular company with an excellent track record for the best customer satisfaction.

Certicom Consulting

Certicom Consulting [ Kedia Arpana & Co ] is a group of Chartered Accountants in the business of Small Business Setup & Statutory Compliance including for Professionals for the past 15 years. We have been an established and popular company with an excellent track record for the best customer satisfaction.