GST collection dips below Rs 1 lakh crore in June

GST collection dips below Rs 1 lakh crore in June

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The Goods and Service Tax (GST) collections for June 2021 fell to Rs 92,849 crore, the Finance Ministry said on July 6. This is the first time in nine months that monthly GST collection has slipped below the Rs 1 lakh crore-mark.

The GST collection for June 2021 is related to the business transactions made during May 2021. During May, most of the States/UTs were under either complete or partial lockdown due to COVID-19,” the Finance Ministry said in a statement.

The GST collection has been hit for June since the collections are related to transactions pertaining to the month of May during which localised lockdowns had affected the business climate. E-way bills for May also point to a slowdown in transactions. A total of 3.99 crore e-way bills were generated for May while it was 5.88 crore for April.

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