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Poor economy: Revenue from GST at 8-month low, collection reduced by about a third

According to a government statement, the total GST revenue collected in May 2021 is Rs 1,02,709 crore, out of which CGST is Rs 17,592 crore, SGST is Rs 22,653 crore and IGST is Rs 53,199 crore. These figures include the collection of GST through domestic transactions till June 4.

Even though this is the eighth consecutive month of collection of more than one lakh crore in GST collection, but this item has seen the lowest collection since October 2020. In October 2020, 1.05 lakh crores were deposited from GST. Whereas earlier in September 2020, the GST collection was 95.48 lakh crore.

The government has said that there may be a correction in the GST collection in the coming days as small taxpayers with less than 5 crore transactions still have time till the first week of July to file their returns without any late fee and interest. Income from these taxpayers has been deferred till then.

(with IANS input)


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