GST revenue crosses ₹100,000 crore-mark for 8th straight month, collection at ₹102,709 crore

The collected GST revenue includes ₹17,592 crore as CGST, ₹22,653 as SGST, ₹53,199 crore as IGST, including ₹26,002 crore collected on import of goods, and cess of ₹9,265 crore, including ₹868 crore collected on imports.

The Union ministry of finance on Saturday said that the GST revenue collection remained over the ₹100,000 crore-mark for eight months in the row with ₹1,02,709 crore collected in May 2021. The finance ministry projected that the actual revenues would be greater and will be known when the extended deadline for filing Goods and Services Tax returns expires. It also said the revenue collection is despite the fact that most of the states have been under strict lockdown due to the coronavirus pandemic.

The finance minister also said that ₹15,014 crore has been settled to CGST and ₹11,653 crore to SGST from IGST by the government as a regular settlement. (Mint file photo)

The collected revenue includes ₹17,592 crore as CGST, ₹22,653 as SGST, ₹53,199 crore as IGST, including ₹26,002 crore collected on import of goods, and cess of ₹9,265 crore, including ₹868 crore collected on imports.

"The above figure includes GST collection from domestic transactions till June 4 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," the ministry said in a statement.

The finance minister also said that ₹15,014 crore has been settled to CGST and ₹11,653 crore to SGST from IGST by the government as a regular settlement. The ministry added revenues collected in May 2021 are 65 per cent higher than the GST revenue of the same month last year. The month this year recorded 56 per cent higher revenues from import of goods. The revenue from domestic transactions, including import of services, are 69 per cent higher than the collection from these sources during the same period in 2020.

The taxpayers with turnover above ₹5 crore had to file returns by June 4, which they would have otherwise filed by May 20. Taxpayers with turnover less than ₹5 crore still have time as part of the relief measure and can file returns till the first week of July without any late fee and interest. Hence. the revenue from these taxpayers is deferred till then, the ministry added.