The government’s May GST collection stood at Rs 1.02 lakh crore. This is the eighth consecutive month that the GST collection figure has crossed Rs 1 lakh crore. However, the GST collection for the month of May has been lower than the record of Rs 1.41 lakh crore in April, 2021. By the way, the GST collection in May, 2021 is 65 percent more than the same month last year. In May, 2020, the GST collection stood at Rs 62,009 crore.
GST collection decreased as compared to April
Last year, due to the COVID-19 epidemic, economic activities were affected by the lockdown at the national level, due to which there was a decline in GST collection. However, the GST collection for the month of May has been lower than the record of Rs 1.41 lakh crore in April, 2021. According to the statement issued by the Finance Ministry on Saturday, the total GST collection in May stood at Rs 1,02,709 crore. In this, the share of Central GST (CGST) was Rs 17,592 crore, the share of State GST (SGST) was Rs 22,653 crore and the share of Integrated GST (IGST) was Rs 53,199 crore. Of this, Rs 26,002 crore was raised on import of goods while the share of cess stood at Rs 9,265 crore. In cess, Rs 868 crore was raised on import of goods.
Huge fall in consumer confidence index – economy increased expectations, people buying only essential things
Government’s tax collection will increase due to the opening of lockdown
These figures are of GST collection on domestic transactions till June 4. Due to the second wave of COVID-19, taxpayers have been given relief in the form of interest exemption or deduction for filing returns late by 15 days in May. The ministry said that despite strict lockdown in many states, the collection figure has been more than one lakh crore rupees. However, now in view of the decrease in the COVID case, there has been an expectation of speed in economic activities. With this, there may be an increase in the GST collection in the coming months. In some states including Delhi, it is being decided to give relaxation in lockdown. With this, business activities will increase in the coming days.