Tribune News Service
New Delhi, July 1
GST collections for May, collected in June, stood at Rs 90,917 crore, which showed a near-doubling as compared to April and 9 per cent less than the figures for the same month last year. One explanation for the more-than-expected inflow is due to delayed deadlines for payment.
During May, the revenues from import of goods were 71 per cent and the revenues from domestic transactions, including import of services, were 97 per cent of the revenues from these sources during the same month last year.
During the month of June, returns of February, March, and April 2020 have also been filed in addition to some returns of May 2020, since the Government has allowed a relaxed time schedule for filing of GST returns. Some returns of May 2020, which would have otherwise got filed in June 2020, will get filed during the first few days of July 2020.
The revenues during the current financial year have been impacted due to Covid—firstly, due to the economic impact of the pandemic and secondly, due to the relaxations given by the Government in filing of returns and payment of taxes due to the pandemic.
However, figures of the past three months show recovery in GST revenues. The GST collections for the month of April was Rs 32,294 crore which was 28 per cent of the revenue collected during the same month last year and the GST collections for the month of May was Rs 62,009 crore which was 62 per cent of the revenue collected during the same month last year.
GST collection for the first quarter of the year is 59 per cent of the revenue collected during the same quarter last year. However, a large number of taxpayers still have time to file their return for the month of May 2020.