Economy

GST revenues in May topped Rs 1 lakh crore for the eighth consecutive month


With the economic activity disrupted due to the second wave of the Covid-19 pandemic, gross Goods and Services Tax (GST) collections in May topped Rs 1 lakh crore for the eighth consecutive month.

At Rs 1.02 lakh crore, it is lower than April’s record collection of Rs 1,41,314 crore, but still high despite most states imposing strict restrictions to break the chain of covid transmission.

The gross GST revenue collected in May 2021 was Rs 1,02,709 crore, of which Central GST is Rs 17,592 crore, State GST is Rs 22,653 crore. Integrated GST is Rs 53,199 crore of which Rs 26,002 crore collected on import of goods. And cess is Rs 9,265 crore of which Rs 868 crore collected on import of goods.

Last year in the same month i.e. May 2020, the GST collection was Rs 62,009 crore. Last year, after the nationwide lockdown was announced in March, GST collections had hit a record low of Rs 32,172 crore in April.

Thereafter, GST collections took six months to recover and crossed the Rs 1 lakh crore mark at Rs 1.05 lakh crore in October.

In a press statement on Saturday, June 5, 2021, the Finance Ministry said, “This will be the eighth consecutive month that the GST revenue has crossed the Rs 1 lakh crore mark. This is despite the fact that most states have been under strict lockdown due to the pandemic. “

Gross GST Collection in 2021 and 2020

2021
May – Rs 1,02,709 Cr
April – Rs 1,41,384 Cr
March – Rs1,23,902 Cr
February – Rs 1,13, 143 Cr
January – Rs 1,19,875 Cr

2020
May – Rs 62,009 Cr
April – Rs 32,172 Cr
March – Rs 97,590 Cr
February – Rs 1,05,361 Cr
January – Rs 1,10,818 Cr

The numbers are expected to improve further as the filing deadline extended

“While taxpayers with a turnover of more than Rs 5 crore had to file their returns by June 4, which they would have otherwise filed by May 20, small taxpayers with a turnover of less than Rs 5 crore still had to file by the first week of July, to file the returns without any late fee and interest and the revenue from these taxpayers is deferred till then. Thus the actual revenue for the month of May 2021 will be higher and will be known when all the extended dates expire,” the Finance Ministry statement said.

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