May's GST collection crosses Rs 1 lakh crore for 8th consecutive month as compared to 2020.

GST collections in May 2021 are 65 percent higher than the same month last year. Gst collectionin May 2020 stood at Rs 62,009 crore. The government's Goods and Services (GST) collection stood at Rs 1.02 lakh crore in May. This is the eighth consecutive month, while the GST collection figure has been more than Rs 1 lakh crore. These figures show that the impact of the second wave of the Covid-19 transition on the economy has been limited. GST collections in May 2021 are 65 percent higher than the same month last year. Gst collectionin May 2020 stood at Rs 62,009 crore. Last year, the Covid-19 epidemic affected economic activity at the national level due to lockdown. This had also led to a decline in GST collections.

However, the GST collection for the month of May has been lower than the Record of Rs 1.41 lakh crore in April 2021. According to a statement issued by the Finance Ministry on Saturday, the total GST collection in May stood at Rs 1,02,709 crore. The share of Central GST (CGST) was Rs 17,592 crore, state GST (SGST) share was Rs 22,653 crore and integrated GST (IGST) share was Rs 53,199 crore. 26,002 crore was raised on import of goods while the share of cess stood at Rs 9,265 crore. Rs 868 crore was raised on import of goods in cess. The above figures are of GST collection on domestic transactions till June 4. The second wave of Covid-19 has given taxpayers relief in the form of interest subvention/deduction on filing returns 15 days late in May. The ministry said the collection figure has been more than Rs 1 lakh crore despite strict lockdown in many states.

Revenue on commodities arrives in May 2021, up 56 percent from the same month last year. Revenue on domestic transactions (including imports of services) was 69 percent higher than the salmon month a year ago. In addition, taxpayers with a turnover of more than Rs 5 crore were to file their tax returns by June 4. In normal circumstances, they had to file this return by May 20. Taxpayers with turnover of less than Rs 5 crore have until the first week of July without any late fee and interest to file returns. The revenue from these taxpayers is yet to be assessed. The ministry said that in such a case, the actual revenue figure for May, 2021 will be far higher.