New Delhi: GST revenue rose to Rs 1 lakh crore in the first eight months of May from Rs 1 lakh crore. 1.02 lakh crore.
In the collection of May 2021, the revenue of Goods and Services Tax (GST) for May 2020 is Rs. 65 per cent more than Rs 62,009 crore.
Economic activity was hit last year by a nationwide lockdown to stop the spread of Covid-19.
However, the revenue for May 2021 was Rs. 1.41 lakh crore less than the record GST.
The total GST collected in May 2021 is Rs 1,02,709 crore, of which CGST is Rs 17,592 crore, SGST is Rs 22,653, IGST is Rs 9,265 crore (including Rs 868 crore collected on imports of goods). ), "The finance ministry said in a statement.
The above figure includes GST collection from domestic transactions till June 4, as due to the second wave of Covid, various relief measures were given to taxpayers in the form of interest waiver / reduction on late return filing for 15 days for filing returns in May.
The ministry said the figure has crossed Rs 1 lakh crore despite severe lockdowns due to epidemics in most states.
In addition, taxpayers with a turnover of more than Rs 5 crore had to file their compensation by June, while small taxpayers with a turnover of less than Rs 5 crore still have to file till the first week of July without any late fee return and interest and the income of these taxpayers is deferred till then.
The ministry added that the actual revenue for the month of May 2021 will be higher and will be known when all the extended dates expire.
03-Dec-2024