The Income Tax Department on Saturday said it is launching a new portal on June 7 on which taxpayers will be able to submit details online.
New Delhi: The Income Tax Department on Saturday said it is launching a new portal on June 7 on which taxpayers will be able to submit details online. This portal will be linked with the facility of instant processing of the details submitted and also the process of tax refund can be completed quickly. According to a release of the Central Board of Direct Taxes (CBDT), this portal incometax.gov.in ( www.incometax.gov.in ) will be launched on June 7.
This will give ease to the taxpayers in furnishing the details. According to the statement, CBDT is also going to introduce a new tax payment system from June 18. After the launch of the portal, a mobile app will also be released so that the taxpayers can be familiar with its various features.
GST collection in May is Rs 1.02 lakh crore, crossed one lakh crore mark for the eighth consecutive month
The Goods and Services (GST) collection of the government stood at Rs 1.02 lakh crore in May. This is the eighth consecutive month that the GST collection figure has crossed Rs 1 lakh crore. These data suggest that the impact of the second wave of COVID-19 infections on the economy has been limited. The GST collection in May, 2021 is 65 per cent higher as compared to the same month last year. The GST collection in May 2020 stood at Rs 62,009 crore. Last year, economic activities were affected by the national lockdown due to the Kovid-19 epidemic. This also led to a fall in the GST collection. However, the GST collection for the month of May has been lower than the record of Rs 1.41 lakh crore in April, 2021.
According to a statement issued by the Finance Ministry on Saturday, the total GST collection in May stood at Rs 1,02,709 crore. The share of Central GST (CGST) stood at Rs 17,592 crore, State GST (SGST) at Rs 22,653 crore and Integrated GST (IGST) at Rs 53,199 crore. Of this, Rs 26,002 crore was collected on import of goods while the share of cess stood at Rs 9,265 crore. 868 crore in cess was collected on import of goods.
The above figures are for GST collection on domestic transactions till June 4. Taxpayers have been given relief in the form of interest exemption/deduction for filing returns late by 15 days in May due to second wave of COVID-19. The ministry said that despite strict lockdown in many states, the collection figure has been more than one lakh crore rupees. The revenue on import of goods in May, 2021 was 56 per cent higher as compared to the same month last year. On the other hand, revenue on domestic transactions (including import of services) was up 69 per cent from the year-ago month.
Apart from this, taxpayers with a turnover of more than Rs 5 crore were to file their tax returns by June 4. Under normal circumstances, they would have had to file this return by May 20. At the same time, taxpayers with a turnover of less than Rs 5 crore have time till the first week of July to file returns without late fee and interest. In such a situation, the revenue from these taxpayers has not been assessed yet. In such a situation, the actual revenue figure for May 2021 will be much higher, the ministry said.
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