GST collections cross Rs 1 lakh crore in May 2021; 8th time in a row

Continuing its upward trend, the goods and services tax collections for the month of May crossed the one-lakh crore mark once again. The gross GST revenue stood at Rs 1,02,709 crore out of which CGST is Rs 17,592 crore, SGST is Rs 22,653 crore. The revenues for the month of May 2021 are 65% higher than the GST revenues in the same month last year.

The figure includes GST collection from domestic transactions till 4th of June since taxpayers were given various relief measures in the form of waiver/reduction in interest on delayed return filing for 15 days for the return filing month May’21 in the wake of covid pandemic second wave.

This would be eighth month in a row that GST revenues have crossed Rs 1 lakh crore mark. This is despite the fact that most of the States have been under strict lockdown due to the pandemic.