The Business Bytes
TBB BUREAU
NEW DELHI, JUNE 5, 2021
India’s gross Good and Services Tax (GST) revenue collections remained above the psychological mark of Rs 1 lakh crore, clocking a high of Rs 1,02,709 crore in May 2021.
The revenues for the month of May 2021 are 65 per cent higher than the GST revenues in the corresponding month last year.
During the month, revenues from import of goods were 56 per cent higher and the 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 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.
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.
