Amid curbs, GST collection in May drops to Rs 1.02 trn vs Rs 1.4 trn in April….

GOODS AND SERVICE TAX (GST) collections for the month of May stood at Rs 1.02 trillion, according to the government data released on Saturday. The revenue collections were down from Rs 1.41 trillion in the month of April, a record high. However, when compared with the last year period, the revenues are 65 per cent higher. This would be eighth month in a row that GST collections have crossed Rs 1 trillion mark. “This is despite the fact that most of the States have been under strict lockdown due to the pandemic,” said the ministry of finance.
Of the total collections, CGST is Rs 17,592 crore, SGST is Rs 22,653 and 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 above figure includes GST collection from domestic transactions till June 4 since taxpayers were given various relief measures in the form of waiver in interest on delayed return filing for 15 days for the return filing month May’21 in the wake of covid pandemic second wave.
During May, revenues from import of goods was 56 per cent higher and the revenues from domestic transaction (including import of services) are 69 per cent higher than the revenues from these sources during the same month last year. In the GST council meeting held last month, the Centre had proposed to borrow Rs 1.58 trillion to compensate states for GST shortfall through back-to-back loans, like last year.

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