GST collection in May slides, but still holds above ₹1 lakh crore-mark

[Protest_again]

GST collection in May slides, but still holds above ₹1 lakh crore-mark, 65% higher YoY

Gross Goods and Services Tax collection for the month of May stood at ₹1,02,709 crore, as per data released by Ministry of Finance on Saturday. This marks the eighth month in a row when GST revenue has stayed above the ₹1 lakh crore mark despite slipping from record high of ₹1.41 lakh crore in April 2021. GST collection for May took a hit due to lockdowns and other restrictions imposed by states to curb the second wave of Covid infections.

GST revenue for May 2021 stands 65 per cent higher than that in the corresponding month last year. During the month, revenues from import of goods was 56 per cent higher and the revenues from domestic transaction (including import of services) were 69 per cent higher than the revenues from these sources during the same month last year.

Of the total GST mop-up, CGST was ₹17,592 crore, SGST is ₹22,653, IGST was ₹53,199 crore (including ₹26,002 crore collected on import of goods) and Cess is ₹9,265 crore (including ₹868 crore collected on import of goods), the ministry stated.

The ministry also informed that the government has settled ₹15,014 crore to CGST and ₹11,653 crore to SGST from IGST as regular settlement during May.

The GST revenue figures mentioned above also include collections from domestic transactions till June 4 as taxpayers were given various relief measures in the form of waiver or reduction in interest on delayed return filing for 15 days for the return filing month May 2021 in the view of second Covid-19 wave, Ministry of Finance further stated.

While the taxpayers with turnover above ₹5 crore had to file their GST returns by June 4, which they would have otherwise filed by May 20. Meanwhile, smaller taxpayers with turnover less than ₹5 crore still have time till first week of July to file the returns without any late fee and interest and the revenue from these taxpayers is deferred till then.

"The actual revenues for the month of May 2021, thus would be higher and would be known when all the extended dates expire," Ministry of Finance said.

 

[vi-va]

Collect more tax when the poor are bankrupting. How brilliant.

 

[Protest_again]

Collect more tax when the poor are bankrupting. How brilliant.

Ah, we have an expert on India right here. He is paid 50 cents a post. Lol.

 

[letsrock]

GST collection in May slides, but still holds above ₹1 lakh crore-mark, 65% higher YoY

Gross Goods and Services Tax collection for the month of May stood at ₹1,02,709 crore, as per data released by Ministry of Finance on Saturday. This marks the eighth month in a row when GST revenue has stayed above the ₹1 lakh crore mark despite slipping from record high of ₹1.41 lakh crore in April 2021. GST collection for May took a hit due to lockdowns and other restrictions imposed by states to curb the second wave of Covid infections.

GST revenue for May 2021 stands 65 per cent higher than that in the corresponding month last year. During the month, revenues from import of goods was 56 per cent higher and the revenues from domestic transaction (including import of services) were 69 per cent higher than the revenues from these sources during the same month last year.

Of the total GST mop-up, CGST was ₹17,592 crore, SGST is ₹22,653, IGST was ₹53,199 crore (including ₹26,002 crore collected on import of goods) and Cess is ₹9,265 crore (including ₹868 crore collected on import of goods), the ministry stated.

The ministry also informed that the government has settled ₹15,014 crore to CGST and ₹11,653 crore to SGST from IGST as regular settlement during May.

The GST revenue figures mentioned above also include collections from domestic transactions till June 4 as taxpayers were given various relief measures in the form of waiver or reduction in interest on delayed return filing for 15 days for the return filing month May 2021 in the view of second Covid-19 wave, Ministry of Finance further stated.

While the taxpayers with turnover above ₹5 crore had to file their GST returns by June 4, which they would have otherwise filed by May 20. Meanwhile, smaller taxpayers with turnover less than ₹5 crore still have time till first week of July to file the returns without any late fee and interest and the revenue from these taxpayers is deferred till then.

"The actual revenues for the month of May 2021, thus would be higher and would be known when all the extended dates expire," Ministry of Finance said.

This GST one lak per month saga is happening since 2017. This one lakh per month is a four year old target and india still hasnt achieved it consistently. India claims it is growing at 5-7% (except last year) that means nominally 8-10% including inflation. At this rate by 2020 itself GST should have been 1.35 laks per month consistently.
So the cost of GST failure is 35,000 crores per month or 4.0 lac crores per year.

 

[Protest_again]

This GST one lak per month saga is happening since 2017. This one lakh per month is a four year old target and india still hasnt achieved it consistently. India claims it is growing at 5-7% (except last year) that means nominally 8-10% including inflation. At this rate by 2020 itself GST should have been 1.35 laks per month consistently.
So the cost of GST failure is 35,000 crores per month or 4.0 lac crores per year.

GST collections are subject to change as a result of rate fixation by GST council. India had reduced its GST rates quite substantially on many products to boost consumption over the years. Targets are set by GST council. India has a decent revenue collection from GST and others.

And Pakistanis should be last to even comment on revenue collection. India has a overall revenue collection of 650 billion dollars while Pakistan's revenue collection is not even 30 billion dollars. May be you should reserve your advise to your country. Lol.

PS: India had collected 1.41 lakh crore as GST in April.

Stop spamming India related threads with your nonsense.

 

[letsrock]

GST collections are subject to change as a result of rate fixation by GST council. India had reduced its GST rates quite substantially on many products to boost consumption over the years. Targets are set by GST council. India has a decent revenue collection from GST and others.

And Pakistanis should be last to even comment on revenue collection. India has a overall revenue collection of 650 billion dollars while Pakistan's revenue collection is not even 30 billion dollars. May be you should reserve your advise to your country. Lol.

PS: India had collected 1.41 lakh crore as GST in April.

Stop spamming India related threads with your nonsense.

what? india had a target of 1 lak per month since 2017. Thats why you heading is also boasting about "one lak crore". THe rate were adjusted because no one was paying those high rates before.
The entire policy including compenstation to states was based on hitting the target in 2017 and moving up by 15% from there on.

Why do you sound like a typical pujari saying some mumbo jumbo but never any sense.

 

[Protest_again]

what? india had a target of 1 lak per month since 2017. Thats why you heading is also boasting about "one lak crore". THe rate were adjusted because no one was paying those high rates before.
The entire policy including compenstation to states was based on hitting the target in 2017 and moving up by 15% from there on.

Why do you sound like a typical pujari saying some mumbo jumbo but never any sense.

Yes it is matter of pride that even under a severe lockdown India is not crippled economically. 1 lakh crore is not an small amount ask Imran.

India was collecting 1.2-1.4 lakh crore a month before lockdown. Why does your butt hurt as soon as you see a positive article w.r.t India? Please have your head checked.

And India's GST collection will go up substantially with our corporate sector booming.

 

[letsrock]

Are you a dumb idiot?

Yes it is matter of pride that even under a severe lockdown India is not crippled economically. 1 lakh crore is not an small amount ask Imran.

India was collecting 1.2-1.4 lakh crore a month before lockdown. Why does your butt hurt as soon as you see a positive article w.r.t India? Please have your head checked.

And India's GST collection will go up substantially with our corporate sector booming. Worry about economic shit hole that is your country.

I am comparing indian GST agaist indian govt own targets.

@waz this guy keeps asking people to shut up based on his imagined nationality and not talk in this discussion board. Then what is the point of a discussion board.

 

[Protest_again]

I am comparing indian GST agaist indian govt own targets.

@waz this guy keeps asking people to shut up based on his imagined nationality and not talk in this discussion board. Then what is the point of a discussion board.

Indian governments targets are for Indians to worry about. Don't tax your brain. Don't need your half baked on the subject.