Economy / GST collection crosses ₹1 lakh crore-mark for 8th straight month

New Delhi: The gross goods and services tax (GST) revenue collected in May 2021 stood at Rs 1,02,709 crore, holding the ₹ 1 lakh crore mark for the eighth month in a row, said the Ministry of Finance in a statement released on Saturday. However, on a month-on-month basis, GST revenue collection declined in May from the all-time record high mark of ₹ 1.41 lakh crore registered in April 2021. Out of the total gross GST revenue of Rs 1,41,384 crore, the central goods and services tax (CGST) stood at ₹ 17,592 crore, while state good and services tax (SGST) stood at Rs 22,653.

In May, GST revenue collection edged lower due to the lockdown restrictions imposed in various states amid the second wave of the COVID-19 pandemic. The integrated goods and services tax (IGST) stood at Rs 53,199 crore (including Rs. 26,002 crore collected on the import of goods) and the cess was Rs. 9,265 crore (including ₹ 868 crore collected on import of goods). During the month the government settled Rs 15,014 crore to CGST and Rs 11,653 crore to SGST from IGST as regular settlement, said the finance ministry.

The gross GST revenue figures include the GST collection from domestic transactions till June 4, 2021, since taxpayers were provided various relief measures in the form of waiver or reduction in interest on delayed return filing for 15 days for filing month May 202, amid the second COVID-19 curve. 

During the month, revenues from import of goods were 56 per cent higher, while the revenues from the domestic transaction, including the import of services were 69 per cent higher than the revenues from these sources during the corresponding month last year.

All taxpayers with turnover more than Rs 5 crore had to file their returns by June 4, which was supposed to be filed by May 20, according to earlier timelines. The smaller taxpayers with turnover less than Rs 5 crore have time till the first week of July to file the returns without any late fee and interest, and the revenue from such taxpayers is deferred till then.