May’s GST collection was 65 percent higher than 2020, crossed 1 lakh crore for the eighth consecutive month
The government’s Goods and Services (GST) collection stood at Rs 1.02 lakh crore in May. This is the eighth consecutive month, while the figure for GST collection has exceeded one lakh crore rupees. These data suggest that the impact of the second wave of Covid-19 infection on the economy has been limited.
The GST collection in May 2021 is 65 percent higher as compared to the same month last year. The GST collection in May 2020 stood at Rs 62,009 crore. Last year, economic activities were affected by the lockdown at the national level due to the Covid-19 pandemic. Due to this, there was also a decline in the GST collection.
However, the GST collection for the month of May has been less than the record of Rs 1.41 lakh crore in April 2021.
According to the statement issued by the Finance Ministry on Saturday, the total GST collection in May stood at Rs 1,02,709 crore. In this, the share of Central GST (CGST) was Rs 17,592 crore, State GST (SGST) was Rs 22,653 crore and Integrated GST (IGST) was Rs 53,199 crore. Of this, Rs 26,002 crore was raised on import of goods while the share of cess stood at Rs 9,265 crore. In cess, Rs 868 crore was raised on the import of goods.
The above figures are of GST collection on domestic transactions till June 4. Due to the second wave of Covid-19, taxpayers have been given relief in the form of interest exemption/deduction for filing returns late by 15 days in May. The ministry said that despite strict lockdown in many states, the collection figure has been more than one lakh crore rupees.
The revenue on import of goods in May 2021 was 56 percent higher as compared to the same month last year. On the other hand, revenue on domestic transactions (including import of services) was up 69 percent from the year-ago month.
Apart from this, taxpayers with a turnover of more than Rs 5 crore were to file their tax returns by June 4. Under normal circumstances, they would have had to file this return by May 20. At the same time, taxpayers with a turnover of less than Rs 5 crore have time till the first week of July to file returns without late fees and interest. In such a situation, the revenue from these taxpayers has not been assessed yet.
The ministry said that in such a situation, the actual revenue figure for May 2021 will be much higher.