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GST collection maintains Rs1 lakh crore-mark for 8th consecutive month

GST collection maintains Rs1 lakh crore-mark for 8th consecutive month

India's Goods and Services Tax (GST) revenue for the month of May came in at ₹ 1,02,709 crore, said the Ministry of Finance in a statement released on Saturday. The GST collection has maintained ₹1 lakh crore mark for eight consecutive months.

The stats show that the revenue had fallen last month from ₹ 1.41 lakh crore in April, which bagged an all-time high record. April's gross GST revenue of Rs 1,41,384 crore, included ₹ 17,592 crore Central GST and State GST of ₹ 22,653 crore, said the statement.

Lockdown restrictions imposed in various states adversely affected GST revenue collection in May, however, it has shown 65 percent increase compared to May 2020 as the nation was paralysed due to lockdown last year.

During the month, the integrated GST reached ₹ 53,199 crore, including Rs. 26,002 crore collected on the import of goods while the cess was ₹ 9,265 crore, which includes ₹ 868 crore collected on import of goods, according to the finance ministry.

Taxpayers were relieved by granting waivers or interest reduction on delayed return filing for 15 days for filing for the month May 2021. The current gross GST revenue figures include the GST collection from domestic transactions till June 4, 2021.

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