June GST collection may miss Rs 1 lakh crore-mark for first time in eight months
The Goods and Services Tax (GST) collection in June may miss the Rs 1 lakh crore mark for the first time in the last eight months due to the disruptions caused by the second wave of the COVID-19 pandemic, which led to the imposition of localised lockdowns across the nation.
E-way bill data for May indicates subdued supply due to lockdown restrictions in the month, which will have a bearing on June revenue. June GST revenue pertains to transactions that take place in the month of May.
According to GST Networks (GSTN), the technology backbone of GST, e-way bills witnessed a 30 percent decline in May over April. Against a generation of 5.87 crore e-way bills in April, only 3.99 crore e-way bills were generated in the month of May.
Under the GST regime, a registered supplier cannot transport goods over Rs 50,000 without the generation of an e-way bill. The bill is therefore an instrument for tracking the supply.
It may be noted that GST revenue in the month of May at Rs 1,02,709 crore was the lowest in the last eight months, even as it remained above the Rs 1 lakh crore mark. Record monthly GST revenue was logged in the month of April this year at Rs 1,41,384 crore.
E-way bills have witnessed an upswing in June compared with the previous month, which will be reflected in the monthly GST collection of July.
