The May GST Collection saw a drop of 27.6% from the record high of April since the introduction of the National Wide Tax.
The Goods and repair collecting for the month of May came in at Rs 1.02 lakh crore, official data by the Finance Ministry showed on June 5. While this was the eighth consecutive month of GST collections being above Rs 1 lakh crore, it absolutely was also an all-time low collection since September 2020.
The May GST collections were also a 27.6 percent drop from a record sum of Rs 1.41 lakh crore in April, which was the best monthly collection since the introduction of the nationwide tax. The gross GST revenue for the month of May, includes a group of Rs 17,592 crore in the style of Central GST, Rs 22,653 crore State GST and Rs 53,199 crore Integrated GST (including Rs 26,002 crore collected on import of goods), said an announcement.
Abhishek Jain said that it was nice to determine that despite the aggressive second Covid-19 wave, the GST collection of the GST has remained upward, of the 1 Lakh Crore Mark, which maintained a streak of 8 months. He also stated that the dip was expected as compared to that of the previous month because these GST Collections are for the supplies made in April, during which the country was in Lockdown.
Mr. Jain also stated that It’s noteworthy that the 1.02 lakh crores GST collections for the month of May will further be increased as businesses having but 5 crore turnover have until 1 week of July to file returns,” Jain said. The decision to increase the filing date was taken within the last meeting of the all-powerful GST Council meeting on May 28.
Despite a month-on-month drop, the GST revenue collected in May 2021 is 65 percent above the number collected within the same month last year, which was within the middle of a nationwide lockdown. "During the month, revenues from import of products were 56 percent higher and therefore the revenues from the domestic transaction (including import of services) are 69 percent beyond the revenues from these sources during the identical month last year," the Finance Ministry added.