The Goods and Services collection for May stood at Rs 1.02 lakh crore, holding the Rs 1 lakh crore mark for the eighth month in a row but slipped from the record high of Rs 1.41 lakh crore in April.
GST collection in May came down due to lockdowns imposed by states to curb the second wave of Covid infections.
Out of the total gross GST revenue of Rs 1,41,384 crore, the central goods and services tax (CGST) stood at Rs 17,592 crore, while state good and services tax (SGST) came at Rs 22,653. The integrated goods and services tax (IGST) stood at Rs 53,199 crore.
“As expected, May 2021 GST collections have shown a moderation, as was predicted by the sequential slowdown in e-way bills between March 2021 and April 2021. With the extension and widening of restrictions by various states in May 2021, the e-way bills have declined further, which will further dampen the GST collections in the month of June 2021, said Aditi Nayar, chief economist at ICRA.
"Though most of the businesses were not functioning in April due to the lockdown, the numbers come as a pleasant suprise. The numbers should rise further considering that many small businesses are yet to file their returns considering the Covid related relaxations extended by the government for such businesses," according to Shardul Amarchand Mangaldas & Co Partner Rajat Bose.
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