GST UPDATE: Rs 1,02,709 cr gross revenue collected in May-Details here
The revenues for the month of May 2021 are 65 per cent higher than the GST revenues in the same month last year.
The gross GST revenue collected in the month of May 2021 is Rs 1,02,709 crore. This includes CGST of Rs 17,592 crore, SGST is Rs 22,653, IGST is Rs 53,199 crore, along with Rs 26,002 crore collected on import of goods, and Cess is Rs 9,265 crore, with Rs 868 crore collected on import of goods.
The above 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.
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During this month the government has settled Rs 15,014 crore to CGST and Rs 11,653 crore to SGST from IGST as regular settlement.
The revenues for the month of May 2021 are 65 per cent higher than the GST revenues in the same month last year. During the month, revenues from import of goods were 56 per cent higher and the revenues from the domestic transaction (including import of services) are 69 per cent higher than the revenues from these sources during the same month last year.
This would be the 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.
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.
Smaller taxpayers with turnover less than Rs 5 crore still have time till the first week of July to file the returns without any late fee and interest and the revenue from these taxpayers is deferred till then. The actual revenues for the month of May 2021, thus would be higher and would be known when all the extended dates expire.
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