GST revenue collection in May 2021 at Rs 1,02,709 crore
New Delhi, June 5, 2021
The gross Goods and Service Tax (GST) revenue collection in the month of May 2021 stood at Rs 1,02,709 crore, the Ministry of Finance said today.
This includes Central GST of Rs 17,592 crore, State GST of Rs 22,653 crore, Integratd GST of 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), an official press release said.
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 the return filing month May 2021 in the wake of the second wave of the COVID-19 pandemic, it said.
During the month, the government has settled Rs 15,014 crore to CGST and Rs 11,653 crore to SGST from IGST as regular settlement, the release said.
The revenues for the month of May 2021 are 65% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 56% higher and the revenues from domestic transaction (including import of services) are 69% higher than the revenues from these sources during the same month last year.
This would be eighth month in a row that GST revenues have crossed Rs 1 lakh crore mark. This is despite the fact that most of the States have been under strict lockdown due to the pandemic. In addition, 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 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 release added.