GST revenue for May 2021 was 1.02.709 billion rupees. Data released on Saturday shows that this was the eighth straight month that gross goods and services tax (GST) receipts exceeded 1 lakh crore.
“The above figure includes the GST survey of domestic transactions up to the 4th second wave of the Covid pandemic,” said a statement from the Ministry of Finance.
However, monthly GST intake fell from the all-time record high in May. back Rs 1.41 lakh crore registered in April this year.
According to reports, the fall in GST revenue in May was attributed to lock-up-like restrictions imposed nationwide to disrupt the chain of transmission of Covid-19.
According to the data, the Integrated GST (IGST) surveyed in May was valued at 53.199 billion rupees. This includes Rs 26,002 crore collected on importation of goods.
The central GST (CGST) accounted for 17.592 billion rupees during this period, followed by the state GST (SGST) with 22.653 rupees. On the other hand, the garbage collection in May of this year totaled 9,265 billion rupees, including 868 billion rupees collected from imports of goods.
Tax revenue for May 2021 was 65 percent higher than GST revenue for the same month last year.
In May, revenue from imports of goods rose 56 percent. At the same time, income from domestic transactions (including import of services) was 69 percent higher than income from these sources in the same month last year.
“While taxpayers with a turnover of more than 5 billion rupees had to submit their tax returns by June 4th, they would otherwise have to submit their tax returns by June 20th without late payment surcharge and default interest and the income of these taxpayers will be deferred until then. The actual income for the month of May 2021 would be higher and would be known after the expiry of all extended dates, “said the Ministry of Finance.
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