May’s GST collection was 65 percent higher than 2020, crossed 1 lakh crore for the eighth consecutive month

New Delhi: The Goods and Services (GST) collection of the government stood at Rs 1.02 lakh crore in May. This is the eighth consecutive month, while the figure of GST collection has exceeded one lakh crore rupees. These figures suggest that the impact of the second wave of COVID-19 infections on the economy has been limited.

GST collection in May, 2021 is 65 percent higher as compared to the same month last year. The GST collection in May 2020 stood at Rs 62,009 crore. Last year, economic activities were affected by the lockdown at the national level due to the Kovid-19 epidemic. This also led to a fall in the GST collection.

However, the GST collection for the month of May has been lower than the record of Rs 1.41 lakh crore in April, 2021.

Revenue on import of goods in May, 2021 was 56 percent higher as compared to the same month last year. On the other hand, revenue on domestic transactions (including import of services) was up 69 percent from the year-ago month.

The ministry said that in such a situation, the actual revenue figure for May 2021 will be much higher.

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