GST collection for May stays above Rs 1 lakh crore mark

GST collection for May stays above Rs 1 lakh crore mark
Image: Pexel

Gross Goods and Services Tax (GST) collection for May stood at Rs 1,02,709 crore, as per data from the Ministry of Finance.

This is the eighth month in a row when GST revenue has stayed above the Rs 1 lakh crore mark. This comes despite slipping from a record high of Rs 1.41 lakh crore in April 2021.

Though GST collection for May took a hit due to lockdowns during the pandemic. Moreover, the GST revenue for May 2021 stands 65 per cent higher than that last year in May.

During the month, revenues from the import of goods were 56 per cent higher. The revenues from the domestic transaction (including import of services) were 69 per cent higher than the revenues from these sources during May in 2020.

Of the total GST, CGST was Rs 17,592 crore, SGST remains Rs 22,653, IGST was Rs 53,199 crore (including Rs 26,002 crore collected on import of goods). Cess stands at Rs 9,265 crore (including Rs 868 crore collected on import of goods). The data is as per the Finance ministry.

The GST revenue figures also include collections from domestic transactions till June 4. As the taxpayers were given various relief measures in the form of waiver or reduction in interest.

“The actual revenues for May 2021, thus would be higher and would be known when all the extended dates expire,” Ministry of Finance adds.

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