GST Collections For May Fall Below Rs 1 Lakh Crore
The government’s goods and services tax collection fell below Rs 1 lakh crore for the first time in eight months as the second wave of Covid-19 infections stalled the nascent economic activity.
GST revenue for May, collected in June, stood at Rs 92,849 crore, according to a statement from the Ministry of Finance. That’s almost 10% below the Rs 1.03 lakh crore collected in April, but 2% higher than the year-ago period.
Monthly collections had stayed above Rs 1 lakh crore since October last year till April 2021.