GST collection in May stood at Rs 1.02 lakh crore, in April was Rs 1.41 lakh crore, goods and service tax | GST collection in May stood at Rs 1.02 lakh crore, in April was Rs 1.41 lakh crore

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  • GST Collection In May Stood At Rs 1.02 Lakh Crore, In April Was Rs 1.41 Lakh Crore, Goods And Service Tax

Mumbai9 minutes ago

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This time till June 4 has been included in the GST collection of May. This is because tax payers were given relief as well as the 15-day return filing deadline for May was extended.

  • There has been a decrease of 39 thousand crores in GST collection as compared to April.

The Goods and Services Tax (GST) collection for the government in the month of May has been Rs 1.02 lakh crore. It was Rs 1.41 lakh crore in the month of April. Ever since the implementation of GST, that is, from July 2017, April’s collection has been the highest. Its collection for the 8th consecutive month has been more than Rs 1 lakh crore.

Finance Ministry released data

According to the data released by the Finance Ministry, the gross GST revenue collection in May stood at Rs 1,02,709 crore. In this, the share of the central government i.e. CGST is Rs 17,592 crore while the share of the states i.e. SGST has been Rs 22,653 crore. IGST has been Rs 53,199 crore. 9,265 crore has been received as cess. In this, 868 crore rupees have been received from the import of goods.

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This time till June 4 has been included in the GST collection of May. This is because tax payers were given relief as well as the 15-day return filing deadline for May was extended.

Collection dropped due to lockdown

The second wave of corona in the country is currently on the rise in many states. Especially in those states from where GST collection comes more. There are states like Maharashtra, Gujarat, West Bengal, Tamil Nadu etc. But despite all these difficulties, it is being seen from the GST collection that business activities in the country are on the rise. A similar spurt was seen in income tax returns in the last financial year as well.

You Too fill up Huh GST

Any way you do any transaction, you will have to pay GST. Similarly, if you do business, then you add GST to the bill to the customer in front and with this the customer gives you money. Then out of that which is part of GST, you have to deposit it by 20th of the next month. There are different tax slabs of GST in the country.

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