New Delhi: The products and companies tax (GST) income collected within the month of Could 2021 remained above Rs 1 lakh crore mark for the eighth consecutive month, indicating a downfall in impression of second wave of Coronavirus on the financial system, the Union Finance Ministry mentioned in an official assertion on Saturday.
In accordance with the ministry, income collected within the type of GST stood at over Rs 1.02 lakh crore, 27 per cent decrease than April 2021, however 65 per cent increased than Could 2020 when the nation was underneath full lockdown.
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“The gross GST income collected within the month of Could 2021 is Rs 1,02,709 crore of which CGST is Rs 17,592 crore, SGST is Rs 22,653, IGST is Rs 53,199 crore (together with Rs 26,002 crore collected on import of products), the Finance Ministry mentioned in an announcement.
It additionally identified that income collected by Cess is Rs 9,265 crore (together with Rs 868 crore collected on import of products).
“Above determine consists of GST assortment from home transactions until June four since taxpayers got varied reduction measures within the type of waiver/discount in curiosity on delayed return submitting for 15 days for submitting of returns in Could on account of second wave of the Covid pandemic,” the ministry added.
Additionally it is to be famous that GST collections remained on a decrease finish in Could as a consequence of lockdown restrictions imposed in varied states to include the second wave of Coronavirus within the nation.
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The ministry additionally mentioned that revenues from import of products have been 56 per cent increased within the month of Could, whereas the revenues from the home transaction, together with the import of companies have been 69 per cent increased than the revenues from these sources through the corresponding month final yr.
The precise variety of income assortment, authorities mentioned, could additional go up as deadline to file returns for taxpayers with turnover lower than Rs 5 cr has been prolonged until the primary week of July.
“The precise revenues for the month of Could 2021 thus can be increased and can be recognized when all of the prolonged dates expire,” the ministry added.
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