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May GST collection still 65% up YoY irrespective of Lockdown

India’s GST revenue in May amounted to 1, 02, 709 CR as several states in imposed curbs due to the second wave of the pandemic down from Aprils record revenue of 1.41 Lac Cr. It was 65% higher than the 62,000 Cr in the last year when the lockdown was in place.  May revenue exceeded 1 Lac Cr for the eighth month in a row some experts said the numbers were higher than they expect and pointed to the economy Getting back on track the finance ministry on Saturday said the figures for may including GST collections from domestic transactions till June 4.

It expects collections to improve once the entire tax for the month comes in as some deadlines have been extended the actual revenues for the month of May 2021 thus would be higher and would be known when all the extended dates expire the ministry said in a statement taxpayers with turnover above 5Cr have been allowed to file returns by June 4 instead of May 20 smaller taxpayers with turnover below 5 CR have until the first week of July to file returns without late fees and interest experts said the moderation in revenue was on expected lines as E way bills have been seen sequential decline in April and May from march. S-ET

 

 

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