Gross Goods and Services Tax collection for the month of May stood at ₹1,02,709 crore, as per data released by Ministry of Finance on Saturday. This marks the eighth month in a row when GST revenue has stayed above the ₹1 lakh crore mark despite slipping from record high of ₹1.41 lakh crore in April 2021. GST collection for May took a hit due to lockdowns and other restrictions imposed by states to curb the second wave of Covid infections.
GST revenue for May 2021 stands 65 per cent higher than that in the corresponding month last year. During the month, revenues from import of goods was 56 per cent higher and the revenues from domestic transaction (including import of services) were 69 per cent higher than the revenues from these sources during the same month last year.
Of the total GST mop-up, CGST was ₹17,592 crore, SGST is ₹22,653, IGST was ₹53,199 crore (including ₹26,002 crore collected on import of goods) and Cess is ₹9,265 crore (including ₹868 crore collected on import of goods), the ministry stated.
The ministry also informed that the government has settled ₹15,014 crore to CGST and ₹11,653 crore to SGST from IGST as regular settlement during May.
The GST revenue figures mentioned above also include collections from domestic transactions till June 4 as taxpayers were given various relief measures in the form of waiver or reduction in interest on delayed return filing for 15 days for the return filing month May 2021 in the view of second Covid-19 wave, Ministry of Finance further stated.
While the taxpayers with turnover above ₹5 crore had to file their GST returns by June 4, which they would have otherwise filed by May 20. Meanwhile, smaller taxpayers with turnover less than ₹5 crore still have time till first week of July to file the returns without any late fee and interest and the revenue from these taxpayers is deferred till then.
"The actual revenues for the month of May 2021, thus would be higher and would be known when all the extended dates expire," Ministry of Finance said.
