GST collection at ₹1 lakh cr in May below target, tax rate cut unlikely soon

New Delhi: The Centre and state governments collected a little more than ₹1 lakh crore in Goods and Services Tax (GST) receipts in May, an improvement of 6.7% from the same month a year ago, but below the growth rate needed by the Centre to avoid compensating states for revenue losses. The Centre and states need to collect about ₹1.14 lakh crore every month this fiscal, going by a 14% no…