Goods and Service Tax (GST) revenue receipts figures show a fall from the record level seen in April. Apart from this, E-Way bill generation data says that there will be a sharper decline in June. GST collection figures are generally released on the first of every month.
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Electronic permits are generated for goods transportation across and within states. In March, it was at 7.12 crores and got reflected in the record Rs 1.41 trillion GST revenue receipts for April as compared to last month. E-way bills generated in April show a decline of more than 17 percent which will reflect in the tax receipts. The bill generated has further declined by nearly 35% in May to 3.82 crores. It indicates the blow to consumption which is delivered by the second wave of the pandemic.
On Monday, the Industry body Federation of Indian Chambers of Commerce & Industry said that citing own survey business confidence of Indian companies dipped to its lowest in three quarters in May after a decadal high in its previous survey as the second wave of the pandemic hit the country.
