GST Collections Fall To Rs 1.02 Lakh Crore In April
GST collections for April were Rs 1.02 lakh crore, the Ministry of Finance said.
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.”