GST Collection to be Disclosed by June End – Finance Secretary Ajay Bhushan Pandey

As you know already that the Release of GST Collection data for April month has been postponed. And now in this matter, Finance Secretary Ajay Bhushan Pandey on 13th May stated that the clear picture of the GST collection of April month is possible only on 30th June 2020. 30th June is also the last date for businesses having turnover up to INR 5 Crore to file the return without any fine, penalty, or interest.

The deadline to file GST returns for taxpayer View the revised due dates of GST return filing forms of GSTR 1, GSTR 3B, GSTR 4, GSTR 5, GSTR 6, GSTR 9, etc. The dates are according to the Indian Government announcement. Read more having turnover up to INR 5 Crore was 20th April which has been extended by the government for 15 days till May 5. In this extended period, taxpayers can file returns without paying any late fee, fine or interest, But, after if the taxpayer failed to file the return on or before June 30 it will attract 9% interest. Such a taxpayer has to file the return on or before June 30 if they don’t want to pay the interest.

Ajay Bhushan Pandey on 13th May stated that “So after giving these extensions, a clear picture about the revenue collection we will get only by June 30. That’s why we have not yet released the figure. People who are able to file returns have paid GST and rest have time till June 30. It is only by June 30. That’s why we have not yet released the figure. People who are able to file returns have paid GST and rest have time till June 30. It is only after June 30 that we will have a clear idea of the revenue collected,”.

As per reports, in FY 2019-20 the GST collection was above INR 1 Lakh crore mark for 7 out of 12 months. Whereas the GST collection of March month is INR 97,597 crore. Experts started that the real impact of Lockdown will be visible in May for the business in April 2020 GST collection Report, because, in the complete month everything except essential services is on halt. Experts also said that the revenue in May month will only come from sectors like telecom, food processing, pharma, and FMCG.

Ajay Bhushan Pandey Also informed that INR 11,000 crore of pending GST refunds Get to know about official GST refund process under GST regime as finalized by the GST Council. We have included terms and conditions of all aspects. Read More has been released in April Month. CBIC in April cleared pending GST and drawback refunds to help businesses to resolve the liquidity crisis caused by the Coronavirus pandemic.