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Gross GST revenue collected in May 2021 is Rs 1 02,709 crore. This includes CGST of Rs 17,592 crore, SGST of Rs 22,653, IGST of Rs 53,199 crore, as well as Rs 26,002 crore collected on import of goods, and the Cess is 9,265 Rs crores, with Rs 868 crores collected from importing goods.
The above figure includes the collection of GST on domestic transactions until June 4, as taxpayers have benefited from various relief measures in the form of exemption / reduction of interest on the filing of return delayed for 15 days for the filing month of May 21 following the second wave covid pandemic.
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During this month the government settled Rs 15,014 crore to CGST and Rs 11,653 crore to SGST from IGST as regular settlement.
The revenue for May 2021 is 65% higher than the GST revenue for the same month last year. During the month, revenues from importing goods were 56 percent higher and revenues from domestic transaction (including importing services) were 69 percent higher than revenues from these sources during the same month last year.
It would be the eighth month in a row that GST revenues have crossed the Rs 1 lakh crore mark. This despite the fact that most states have been subject to strict lockdowns due to the pandemic.
Also, while taxpayers with turnover over Rs 5 crore were required to file their returns by June 4, which they would otherwise have filed by May 20.
Small taxpayers with a turnover of less than Rs 5 crore still have time until the first week of July to file returns without late fees or interest and the income of these taxpayers is deferred until then. The actual income for the month of May 2021 would therefore be higher and would be known at the end of all the extended dates.
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