GST Collections Touched Rs 1.02 Lakh Crore in May

Sharing is caring!

The gross Goods and Services Tax (GST) revenue collected in May was at Rs 102,709 crore, the government said.

Of this, central GST was Rs 17,592 crore, state GST Rs 22,653 crore, integrated GST Rs 53,199 crore (including Rs 26,002 crore collected on import of goods) and cess Rs 9,265 crore (including Rs 868 crore collected on import of goods).

The figures include GST collection from domestic transactions till June 4 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 in the wake of Covid pandemic second wave.

During May, the government has settled Rs 15,014 crore to CGST and Rs 11,653 crore to SGST from IGST as regular settlement.

The revenues are 65 per cent higher than in the same month of last year, according to a statement issued by the Finance Ministry.

Revenues from import of goods were 56 per cent higher and revenues from domestic transaction (including import of services) were 69 per cent higher than in the year-ago period.

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

In addition, 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 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 May will thus be higher and known when all extended dates expire, said the statement.

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button
%d bloggers like this: