GST Revenue crosses Rs 1 Cr in a row; May 2021

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PIB: In the month of May 2021, GST revenues raised by 65% higher than the last year. During the month, revenues from import of goods were 56% higher and the revenues from the domestic transaction (including import of services) are 69% higher than the revenues from these sources during the same month last year.

The gross GST revenue collected in the month of May 2021 is ₹1,02,709 crore of which CGST is ₹17,592 crore, SGST is ₹22,653, IGST is ₹53,199 crore (including ₹26,002 crores collected on import of goods) and Cess is ₹ 9,265 crore (including ₹868 crores collected on import of goods).

For the return filing month of May’21 in the wake of the covid pandemic second wave, during this month the government has settled ₹ 15,014 crores to CGST and ₹ 11,653 crores to SGST from IGST as regular settlement.

GST revenues have crossed the Rs 1 lakh crore mark in a row this month, despite the pandemic.

Furthermore, while the taxpayers with turnover above ₹ 5 crores had to file their returns by 4th June, which they would have otherwise filed by 20th May, smaller taxpayers with turnover less than ₹ 5 crores still have time till the 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, Actual revenues will be higher for May,21 and will be notified when the deadline ends.