New Delhi : After touching all-time high in April, India’s GST collection slipped to Rs. 1,02,709 crore in May as the deadly second wave of the pandemic forced states to enforce lockdown and other restrictions.
As per the provisional data released by the finance ministry, out of the Rs.1,02,709 crore GST collection, 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 actual GST collection for May is likely to be higher as smaller taxpayers with annual turnover less than Rs.5 core have been given time till first week of July to file the returns without any late fee and the revenue from these taxpayers is deferred till then. The actual revenues for the month of May would be known when all the extended dates expire.
“The above figure includes GST collection from domestic transactions till 4th of June since taxpayers were given various relief measures in the form of waiver/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” said the finance ministry.
The GST revenues for May is 27 per cent less than April GST collection of 1.41 lakh crore, but it is 65 per cent higher than May 2020’s collection. However, the actual GST collection for May is likely to be higher as smaller taxpayers with annual turnover less than Rs.5 core have been given time till first week of July to file the returns without any late fee and the revenue from these taxpayers is deferred till then. The actual revenues for the month of May would be known when all the extended dates expire.
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.