05 Jun , 2021 By : Debdeep Gupta
The revenue collected in the form of Goods and Services Tax (GST) stood at over Rs 1.02 lakh crore in the month of May 2021, the Union Finance Ministry said on June 5. The monthly collection is 27 percent lower as compared to April 2021, when the GST revenue had peaked to a record high of Rs 1.41 lakh crore.
The gross revenue for the month of May, stated as Rs 1,02,709 crore, includes a collection of Rs 17,592 crore in form of CGST, Rs 22,653 crore SGST and Rs 53,199 crore IGST (including Rs 26,002 crore collected on import of goods), said a statement issued by the Finance Ministry.
The revenue collected through cess is Rs 9,265 crore (including Rs 868 crore collected on import of goods), it added.
"The above figure includes GST collection from domestic transactions till 4th of June since taxpayers were given various relief measures in the form of waiver/reduction in interest on delayed return filing for 15 days for the return filing month May’21 in the wake of Covid pandemic second wave," the government said.
"During this month, the government has settled Rs 15,014 crore to CGST and Rs 11,653 crore to SGST from IGST as regular settlement," the statement added.
Despite a month-on-month drop, the GST revenue collected in May 2021 is 65 percent higher than the amount collected in the same month last year.
"During the month, revenues from import of goods were 56 percent higher and the revenues from the domestic transaction (including import of services) are 69 percent higher than the revenues from these sources during the same month last year," the Finance Ministry added.
May 2021 is the eighth month in a row when GST revenues have crossed the Rs 1 lakh crore mark. This is despite the fact that most of the states were placed under strict lockdown due to the pandemic.
The final numbers for the previous month may further go up, as taxpayers with less than Rs 5 crore turnover are allowed to file their returns till the first week of July.
"While the taxpayers with turnover above Rs 5 crore had to file their returns by 4th June, which they would have otherwise filed by 20th May, smaller taxpayers with turnover less than Rs 5 crore still have time till the 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," the government said.
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