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The Ministry of Finance released a statement on Saturday showing the revenue collected by the goods and services tax (GST). The revenue collected from GST in May 2021 was ₹1,02,709 crore while holding the ₹1 lakh crore mark for eight months in a row. Out of the total revenue collected from GST, ₹17,592 crores was collected by central goods and service tax (CGST) and ₹22,653 via state goods and service tax (SGST).
While looking at the GST collected on a monthly basis, the amount collected in May lowered from the amount that was collected in April 2021 at ₹1.21 lakh crores. The reason for the collection to be low in may is due to the lockdowns established in the majority of the states around India to control the infection rate during the second wave.
Other than GST, the integrated goods and services tax (IGST) reached ₹53,199 crore which includes ₹26,002 crores secured on the import of goods and the cess was ₹9,265 crore which includes ₹868 crores collected on imported goods.
In the month of May, the return from import of goods was 56% more whereas the revenues from domestic transactions were 69% higher when compared to the same month in 2020.
Due to the second wave, taxpayers who have to pay tax for turnover less than ₹5 crore have time till the first week of July to file the returns without incurring any late fee. In addition to that interest and the revenue collected from these taxpayers will be deferred until then.