NEW DELHI: GST sales mop-up stayed over the Rs 1 lakh crore-mark to its eight consecutive month in May at greater Rs 1.02 lakh crore.
The May 2021 set is 65 percent higher compared to 62,009 crore the Goods and Services Tax (GST) earnings of May 2020.
Collections last year have been affected as economic action took a hit because of the nationally lockdown enforced to examine the spread of Covid-19.
On the other hand, the earnings for May 2021 is lesser compared to the album above Rs 1.41 lakh crore GST gathered in April 2021.
“The gross GST revenue collected from the month of May 2021 is Rs 1,02,709 crore of that CGST is Rs 17,592 crore, SGST is Rs 22,653, IGST is Rs 53,199 crore (including Rs 26,002 crore accumulated on import of products ) and also Cess is Rs 9,265 crore (including Rs 868 crore accumulated on import of products ),” the finance ministry said in a declaration.
The above figure contains GST set from national transactions until June 4 because taxpayers were awarded different aid measures in the kind of waiver/reduction in interest in delayed recurrence submitting for 15 days for submitting returns in May due to this next wave of this Covid outbreak, it included.
The group figure spanned Rs 1 lakh crore regardless of the fact that the majority of nations are under strict lockdown because of the outbreak, the ministry explained.
Furthermore, although the taxpayers with turnover over Rs 5 crore needed to file their own returns from June 4, and they’d have filed with May 20, smaller citizens having turnover over Rs 5 crore have time until first week of July to submit the returns with no late charge, and curiosity along with the earnings from such taxpayers is postponed until afterward.
“The real earnings for the month of May 2021 hence will be greater and could be understood when all of the dates perish,” the ministry added.