Business
Goods and Services Tax revenues up 65% in May at Rs 1.02 lakh crore
GST revenue mop-up remained above the Rs 1 lakh crore mark for the eight straight month in May at over Rs 1.02 lakh crore. The May 2021 collection is 65 per cent higher than Rs 62,009 crore the Goods and Services Tax (GST) revenue of May 2020. Collections last year were impacted as economic activity took a hit due to the nationwide lockdown imposed to check the spread of COVID-19.
However, the revenue for May 2021 is lower than the record over Rs 1.41 lakh crore GST collected in April 2021.
“The gross GST revenue collected in the month of May 2021 is Rs 1,02,709 crore of which CGST is Rs 17,592 crore, SGST is Rs 22,653, IGST is Rs 53,199 crore (including Rs 26,002 crore collected on import of goods) and Cess is Rs 9,265 crore (including Rs 868 crore collected on import of goods),” the finance ministry said in a statement.
The above figure includes GST collection from domestic transactions till June 4 since taxpayers were given various relief measures in the form of waiver/reduction in interest on delayed return filing for 15 days for filing of returns in May on account of the second wave of the Covid pandemic, it added.
The collection figure crossed Rs 1 lakh crore despite the fact that most states have been under strict lockdown due to the pandemic, the ministry said.
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In addition, while the taxpayers with turnover above Rs 5 crore had to file their returns by June 4, which they would have otherwise filed by May 20, smaller taxpayers with turnover less than Rs 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,” the ministry added
