EconomyBusiness

GST collection crosses Rs 1 lakh crore-mark for 8th straight month

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  • Gross GST revenue collected within the month of May is Rs 1.02 lakh crore, almost a 28% decline in MoM
  • Revenues for the month of May 2021 are 65% above the GST revenues within the same month last year
  • Revenues from import of products were 56% higher during the month

New Delhi: The gross GST revenue collection within the month of May 2021 crossed Rs 1 lakh crore mark. As per the info released by the Finance Ministry, the gross GST revenue collected within 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 figure includes GST collection from domestic transactions till 4th of June since taxpayers got various relief measures within the sort of waiver/reduction in interest on delayed return filing for 15 days for the return filing month May’21 within the wake of covid pandemic second wave.

During this month, the govt has settled Rs 15,014 crore to CGST and Rs 11,653 crore to SGST from IGST as regular settlement.

MS Mani, Senior Director, Deloitte India said, ”Collections above Rs 1 lakh crore concerning the transactions within the month of April 21 indicates that the economic impact of the lockdowns has been much less than expected. an in-depth watch is required on subsequent months’ collections to work out the extent of the impact on GST collections FY22.”

The revenues for the month of May 2021 are 65% above the GST revenues within the same month last year. During the month, revenues from import of products were 56% higher and therefore the revenues from the domestic transaction (including import of services) are 69% above the revenues from these sources during an equivalent month last year.

This would be the eighth month during a row that GST revenues have crossed Rs 1 lakh crore mark. this is often despite the very fact that the majority of the States are under strict lockdown thanks to the pandemic.

”The collection for the month of May 2021 is above expected. Though most of the companies weren’t functioning within the month of April thanks to the lockdown, the numbers come as a pleasing surprise. The numbers should rise further considering that a lot of small businesses are yet to file their returns considering the Covid related relaxations extended by the govt for such businesses,” said Rajat Bose, Partner, Shardul Amarchand Mangaldas & Co.

In addition, while the taxpayers with turnover above Rs 5 crore had to file their returns by 4th June, which they might have otherwise filed by 20th May, smaller taxpayers with turnover but Rs 5 crore still have time till the first week of July to file the returns with none late fee and interest and therefore the revenue from these taxpayers is deferred till then. the particular revenues for the month of May 2021, thus would be higher and would be known when all the extended dates expire.

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