MONEYCONTROL NEWS JUN 05, 2021 / 05:49 PM IST
Despite a year-on-year rise, the GST collection has shrunk by 27 percent or around Rs 38,000 crore as compared to April 2021.
The revenue collected in the form of Goods and Services Tax (GST) stood at over Rs 1.02 lakh crore in the month of May 2021, the Union Finance Ministry said on June 5. The monthly collection is 27 percent lower as compared to April 2021, when the GST revenue had peaked to a record-high of Rs 1.41 lakh crore.
The gross revenue for the month of May, stated as Rs 1,02,709 crore, includes a collection of Rs 17,592 crore in form of CGST, Rs 22,653 crore SGST and Rs 53,199 crore IGST (including Rs 26,002 crore collected on import of goods), said a statement issued by the Finance Ministry.
✅The revenues for the month of May 2021 are 65% higher than the GST revenues in the same month last year.— Ministry of Finance (@FinMinIndia) June 5, 2021
✅This would be eighth month in a row that GST revenues have crossed ₹ 1 lakh crore mark.