GST Collection Declines in May 2021to 1.02 Lakh Crore

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The Ministry of Finance has informed that the gross GST revenue collected in the month of May 2021 is Rs 1, 02,709 crore.

Out of which CGST is Rs 17,592 crore, SGST is Rs 22,653, IGST is Rs 53,199 crore (including Rs 26,002 crore collected on import of goods) and Cess is Rs 9,265 crore (including Rs 868 crore collected on import of goods).

Further, it clarified, during this month the government has settled Rs 15,014 crore to CGST and Rs 11,653 crore to SGST from IGST as regular settlement.

The revenues for the month of May 2021 are 65 percent higher than the GST revenues in the same month last year. During the month, revenues from import of goods were 56 percent higher and the revenues from domestic transaction (including import of services) are 69 percent higher than the revenues from these sources during the same month last year.

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Knowledge Source:

E-Way bill integration with FASTag & RFID in order to avoid Fraud Transaction & GST Evasion

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