GST NEWS BULLETIN

GST Revenue Collection for April 2021 Sets New Record

Ministry of Finance has declared the gross GST Revenue details on 1st May 2021 for the month of April 2021. The gross GST revenue collected in the month of April 2021 stood at a record high of Rs. 1,41,384 crores.
Despite the second wave of COVID-19 pandemic affecting several parts of the country, Indian businesses have once again shown remarkable resilience by not only complying with the return filing requirements but also paying their GST dues in a timely manner during the month.

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Government Announces Relaxation in GST Compliances

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances under Goods & Services Tax (GST) law due to the outbreak of the second wave of COVID-19 pandemic, the Government has issued several notifications, all dated 1st May 2021, providing relief measures in GST compliances to taxpayers. These measures are summarized below for easy reference:

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IGST Rate Reduced from 28% to 12% on Import of Oxygen Concentrators For Personal Use

CBIC vide Notification No. 30/2021- Customs dated May 01, 2021 has reduced the IGST rate on Oxygen Concentrators imported in India for personal use falling under Heading 9804 of the First Schedule to the Customs Tariff Act, 1975 from 28% to 12% to bring IGST rate on such personal imports at par with commercial imports of the same.

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