GST collections rise 10% to 1.7 lakh crore in May
NEW DELHI: Goods and services tax collections went up 10% to Rs 1,72,739 crore in May as the growth in collection from domestic sources made up for the shortfall in the imports kitty.
Based on collections in May for transactions in April, latest data released by the finance ministry on Saturday estimated collections from domestic sources to be 15.3% higher, while those from imports were 4.5% lower, indicating a slowdown in the value of shipments into the country, which may partly be due to a fall in commodity prices.
For the last two years, higher than budgeted GST kitty have helped the Centre shore up its overall collections, and lower fiscal deficit.
