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GST revenue collection in May 65% higher YoY, crosses Rs 1.02 trn

Published: Jun 05, 2021

By TIOL News Service

NEW DELHI, JUN 05, 2021: THE gross Goods and Services Tax (GST) collection for the month of May stood at Rs. 1,02,709 crore, going up 65 per cent compared to the last year period.

Of the total collection, CGST is Rs. 17,592 crore, SGST is Rs. 22,653 crore, and IGST is Rs. 53,199 crore (including Rs. 26,002 crore collected on import of goods). Cess is Rs. 9,265 crore, including Rs. 868 crore collected on import of goods.

May was the eighth month in a row that GST collections surpassed the Rs. 1 lakh crore mark. However, the collections were down from Rs. 1.41 lakh crore in the preceding month of April.

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.

Revenue from import of goods was 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 figures include GST collection from domestic transactions till June 4 since taxpayers were given various relief measures in the form of waiver and reduction in interest on delayed return filing for 15 days for May due to the second wave of the pandemic.