GST collections at Rs 1.03 lakh crore for May, above Rs 1 lakh crore for 8th consecutive month

The goods and service tax collections for May clocked Rs 1,02,709 crore, making it the eighth straight month of collections crossing Rs 1 lakh crore mark.

The collections have been 65% higher than the GST revenues in the same month, despite many states being under lockdown due to the Covid pandemic, the finance ministry said Saturday.

The figure includes GST collection from domestic transactions till June 4 since taxpayers were given various relief measures in the form of waiver or reduction in interest on delayed return filing for 15 days for the return filing month May 21 in the wake of covid pandemic second wave.

“The actual revenues for the month of May 2021, thus would be higher and would be known when all the extended dates expire,” the finance ministry said.

Taxpayers with turnover above Rs 5 crore have been allowed to file their returns by June 4, which they would have otherwise filed by May 20, while 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. The revenue from these taxpayers has been deferred till the time the extensions expire.

”Collections above Rs 1 lakh crore pertaining to the transactions in the month of April 21 indicates that the economic impact of the lockdowns has been much lower than expected,” said MS Mani, senior director, Deloitte India.

He added that a close watch is required on the next months collections to determine the extent of the impact on GST collections for FY 22.

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Of the gross GST revenue collected in the month of May 2021, Centrak GST is Rs 17,592 crore, State GST is Rs 22,653, integrated GST 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).

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.

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, the ministry added.



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