GST mop-up tops Rs 1.02 lakh crore in May

The tax collections on the sale of goods and rendering of services in May at Rs 1.02 lakh crore were 27 percent lower than April 2021.

During May 2021, revenues from the import of goods were 56 percent higher, and the revenues from domestic transactions (including import of services) are 69 percent higher than that of May 2020.

Taxpayers who are with a turnover of above Rs 5 crore had to file their returns by June 4. The earlier date given to file the tax was by May 20.

While Smaller taxpayers with turnover less than Rs 5 crore still have time until the first week of July to file the returns without any late fee and interest. Also, the revenue from these taxpayers is postponed till then.

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