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May 2021 Gets 65% Higher GST Collection Compared to May 2020

GST Revenue Collection in May 2021

Amidst the second corona pandemic wherein the life of hundreds of people, constituting a large proportion of people was ruined and devastated and consequently, the economy was hit, The GST revenue exchequer of the government for May 2021 was nearly Rs 1,02,709 lakh crore.— It slipped from April 2021 which was Rs 1.41 lakh crore.

Moreover, it is 65% higher than May 2020— the same time one year back when the Corona pandemic was persisting across the country and our planet. Reason being, during this month of May 2021, revenue collection from the import of goods was 56 percent higher than the month of May 2020 previous year along with the high revenue from the domestic transaction in May 2021 being 69% higher than May 2020.

Of the total GST exchequer, CGST was ₹17,592 crore, SGST is ₹22,653, IGST was ₹53,199 crore that includes ₹26,002 crores collected on import of goods and Cess is ₹9,265 crore that includes ₹868 crores collected on import of goods as per the records and estimates of the finance ministry.

There was a multitude of other factors also for the above-mentioned phenomenon. Whereas the taxpayers having turnover of above ₹5 crores had to file their GST returns Get to know the online procedure of filing GST return in India. Also, we provide each and every GST form according to the taxpayers. Read also by June 4, which they would have otherwise filed by May 20 if there was no pandemic. Concurrently, smaller taxpayers with a turnover of less than ₹5 crores still have sufficient time till the first week of July for the purpose of filing the returns without any late fee and interest and consequently, the revenue generation from these taxpayers is put off to a later time till then.

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