GST collection for May 2021 reaches Rs 1.02 lakh crore; 65% higher than previous year
Goods and Services Tax (GST) revenue collections for the month of May declined from April. It stood at Rs 1.02 trillion for May against a record-high of 1.41 trillion in the month of April. However, when compared with the last year period, the revenues are 65 per cent higher.
This would be the 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. During the month of May, revenues from import of goods were 56 per cent higher. Revenues from domestic transaction including import of services are 69 per cent higher than the revenues from these sources during the same month last year.
The GST collections directly reflect the state of economic activity. The gross GST revenue collected in May 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, according to government data released on Saturday.
The figures include 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 of May’21 in the wake of the second COVID-19 wave. 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.