GST Revenue Declines In May Due To Covid Restrictions, 65% Higher Compared To 2020: Finance Ministry

New Delhi: The goods and services tax (GST) revenue collected in the month of May 2021 remained above Rs 1 lakh crore mark for the eighth consecutive month, indicating a downfall in impact of second wave of Coronavirus on the economy, the Union Finance Ministry said in an official statement on Saturday. 

According to the ministry, revenue collected in the form of GST stood at over Rs 1.02 lakh crore, 27 per cent lower than April 2021, but 65 per cent higher than May 2020 when the nation was under complete lockdown. 

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“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), the Finance Ministry said in a statement. 

It also pointed out that revenue collected through Cess is Rs 9,265 crore (including Rs 868 crore collected on import of goods). 

“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,” the ministry added.

It is also to be noted that GST collections remained on a lower end in May due to lockdown restrictions imposed in various states to contain the second wave of Coronavirus in the country. 

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The ministry also said that revenues from import of goods were 56 per cent higher in the month of May, while the revenues from the domestic transaction, including the import of services were 69 per cent higher than the revenues from these sources during the corresponding month last year.

The actual number of revenue collection, government said, may further go up as deadline to file returns for taxpayers with turnover less than Rs 5 cr has been extended till the first week of July. 

“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.