GST Collections Fall To Rs 1.02 Lakh Crore In April
Goods and services tax revenue for April, collected in May, remained above the Rs 1 lakh-crore-mark, even as the second wave of Covid-19 infections hurt economic activity.
The GST collections for April were at Rs 1,02,709 crore, according to a statement from the Ministry of Finance on Saturday. That’s 27% below the Rs 1.41 lakh crore collected in March.
Monthly collections have stayed above Rs 1 lakh crore since October last year.
Breakup of GST collection:
- CGST: Rs 17,592 crore
- SGST: Rs 22,653 crore
- IGST: Rs 53,199 crore (including Rs 26,002 crore collected on import of goods)
- Cess: Rs. 9,265 crore
As expected, May 2021 GST collections have shown a moderation, as was predicted by the sequential slowdown in e-way bills between March and April, Aditi Nayar, chief economist at ICRA Ltd., told BloombergQuint. “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 June.”