New Delhi: India’s gross goods and services tax (GST) collections rose to Rs 1.73 lakh crore in May. The GST revenue reported a surge of 10 per cent year on year (YoY). GST collections had touched a record high of Rs 2.10 lakh crore last month.
The 10 per cent year-on-year growth in May collection is driven by a strong increase in revenues from domestic transactions (up 15.3 per cent) amid slowing of imports (down 4.3 per cent).
After accounting for refunds, the net GST revenue for May 2024 stood at Rs 1.44 lakh crore, reflecting a growth of 6.9 per cent compared to the same period last year.
The gross GST collections in FY25 till May 2024 stood at Rs 3.83 lakh crore, which is a 11.3 per cent year-on-year growth, driven by a strong increase in domestic transactions (up 14.2 per cent) and marginal increase in imports (up 1.4 per cent).
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After accounting for refunds, the net GST revenue in the FY 2024-25 till May 2024 stood at Rs3.36 lakh crore, reflecting a growth of 11.6 per cent compared to the same period last year.
Out of the total collections for May 2024, the Union government earned Rs 32,409 crore via central GST, Rs 40,265 crore through state GST, and the integrated GST mop-up came in at Rs 87,781 crore, including Rs 39,879 crore collected on imported goods. In the month of May, the Union government settled Rs 38,519 crore to central GST and Rs 32,733 crore to state GST from the net integrated GST collection of Rs 67,204 crore. This translates to a total revenue of Rs 70,928 crore for central GST and Rs 72,999 crore for state GST in May.
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