The Union Finance Ministry has released the GST figures for the ongoing financial year. According to the government, GST collection has witnessed a marked increase during the current financial year.
New Delhi: The Union Finance Ministry has released the GST figures for the ongoing financial year.
According to the government, GST collection has witnessed a marked increase during the current financial year.
Here are are the main features of the report:
- The gross GST revenue collected in the month of May 2021 is ₹1,02,709 crore of which CGST is ₹17,592 crore, SGST is ₹22,653, IGST is ₹53,199 crore (including ₹26,002 crore collected on import of goods) and Cess is ₹ 9,265 crore (including ₹868 crore collected on import of goods).
- The above figure includes 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’21 in the wake of covid pandemic second wave.
- During this month the government has settled ₹15,014 crore to CGST and ₹11,653 crore to SGST from IGST as regular settlement.
- The revenues for the month of May 2021 are 65% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 56% higher and the revenues from domestic transaction (including import of services) are 69% higher than the revenues from these sources during the same month last year.
- This would be eighth month in a row that GST revenues have crossed ₹ 1 lakh crore mark. This is despite the fact that most of the States have been under strict lockdown due to the pandemic. In addition, while the taxpayers with turnover above ₹ 5 crore had to file their returns by June 4, which they would have otherwise filed by 20th May, smaller taxpayers with turnover less than ₹ 5 crore still have time till first week of Julyto file the returns without any late fee and interest and the revenue from these taxpayers is deferred till then. The actual revenues for the month of May 2021, thus would be higher and would be known when all the extended dates expire.