The Goods and Services Tax collection for the month of May came at Rs 1,02,709 crore, the finance ministry said on Saturday. With this, the monthly collection has now crossed the Rs 1 lakh crore-mark for eight consecutive months. The GST revenues for the month were 65% higher than the collection in the same month last year.
However, the collection in May is the lowest monthly figure so far this year. In April, the GST collection hit an all-time record of Rs 1.41 lakh crore, while in March the figure was at nearly Rs 1.24 lakh crore.
Of the total collection in May, Rs 17,592 crore came from Central GST, while Rs 22,653 crore came from the State GST component. Integrated GST collections amounted for Rs 53,199 crore, according to government data.
The finance ministry, in an official release, said that the revenues were lower as small taxpayers with a turnover of less than Rs 5 crore have been allowed to file their returns till first week of July, without paying a late fee.
“In addition, while the taxpayers with turnover above Rs 5 crore had to file their returns by June 4, which they would have otherwise filed by May 20,” the release stated. “...The actual revenues for the month of May 2021, thus would be higher and would be known when all the extended dates expire.”