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GST tax collections remained above Rs 1 lakh crore mark for the eighth straight month in May, indicating that the impact of the devastating second wave of Covid infections on the economy may have been limited.
Tax collections on sale of goods and rendering of services in May at Rs 1.02 lakh crore were 27 per cent lower than April 2021, but 65 per cent higher than May 2020 when the nation was under complete lockdown, impacting economic activity.
“The gross GST revenue collected in the month of May 2021 is Rs 1,02,709 crore of which 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 finance ministry said in a statement.
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 filing of returns in May on account of second wave of the Covid pandemic, it added.
During May 2021, revenues from the import of goods were 56 percent higher, and the revenues from domestic transactions (including import of services) are 69 percent higher than that of May 2020.
The collection figure crossed Rs 1 lakh crore despite the fact that most of the states have been under strict lockdown due to the pandemic, the ministry said.
In addition, while the taxpayers with turnover above Rs 5 crore had to file their returns by June 4, which they would have otherwise filed by May 20, smaller taxpayers with turnover less than Rs 5 crore still have time till first week of July to file the returns without any late fee and interest, and the revenue from these taxpayers is deferred till then.
“The actual revenues for the month of May 2021 thus would be higher and would be known when all the extended dates expire,” the ministry added.
Deloitte India Senior Director M S Mani said collections above Rs 1 lakh crore pertaining to the transactions in the month of April 21 indicate that the economic impact of the lockdowns has been much lower than expected. “A close watch is required on the next months collections to determine the extent of the impact on GST collections FY22”.
EY Tax Partner Abhishek Jain said despite the aggressive second COVID wave, the GST collections have remained upward of the 1 lakh crore mark for the eight straight month.
“Also the dip in comparison to the collections in previous months was expected as these GST collections are for the supplies made in April, when part of the country was in lockdown,” Jain added.
Shardul Amarchand Mangaldas & Co Partner Rajat Bose said the collection for the month of May 2021 is higher than expected. “Though most of the businesses were not functioning in April due to the lockdown, the numbers come as a pleasant suprise. The numbers should rise further considering that many small businesses are yet to file their returns considering the Covid related relaxations extended by the government for such businesses.”
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