GST collection drops to Rs 1.02 lakh crore in May, Retail News, ET Retail
The May 2021 collection is 65% higher than Rs 62,009 crore of May 2020 Goods and Services Tax (GST) revenue. Last year’s collections have been affected as economic activity has been affected due to the nationwide lockdown imposed to control the spread of Covid-19.
However, the revenue for May 2021 is lower than the record Rs 1.41 lakh crore GST collected in April 2021.
“Gross GST revenue collected in May 2021 is Rs 1,02,709 crore, including Rs 17,592 crore, SGST Rs 22,653, Rs 53,199 crore (including Rs 26,002 crore collected on import of goods) and Cess is Rs 9,265 crore (including Rs 868 crore levied on the import of goods), ”the finance ministry said in a statement.
The above figure includes the collection of GST on domestic transactions until June 4, as taxpayers have benefited from various relief measures in the form of waiver / reduction of interest on the filing of return delayed for 15 days for the filing of declarations in May due to the second wave of the Covid pandemic, he added.
The collection figure topped Rs 1 lakh crore despite most states under strict lockdown due to the pandemic, the ministry said.
In addition, while taxpayers with turnover above Rs 5 crore had to file their returns before June 4, which they would otherwise have filed before May 20, small taxpayers with lower turnover at Rs 5 crore still have time until the first week of July to deposit. returns without any late fees, and the interest and income of these taxpayers is deferred until then.
“The real incomes for the month of May 2021 would therefore be higher and would be known at the expiration of all the extended dates,” added the ministry.