India`s gross GST collections rise 10% to Rs 1,72,739 crore in May 2024
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The finance ministry in its latest data has showed that India’s gross Goods and Services Tax (GST) collections rose by around 10 per cent to Rs 1,72,739 crore for the month of May 2024 as compared to Rs 1,57,090 crore in May 2023. The rise in GST collections was mainly driven by a ‘strong increase in domestic transactions’, which increased by 15.3 per cent as against 13.4 per cent growth rate in April. GST collections had touched a record high of Rs 2.10 lakh crore in April 2024. 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.
Of the total collection for the month of May, the Central Goods and Services Tax (CGST) collection stood at Rs 32,409 crore; the State Goods and Services Tax (SGST) came in at Rs 40,265 crore; Integrated Goods and Services Tax (IGST) was recorded at Rs 87,781 crore, including Rs 39,879 crore collected on imported goods; and Cess was Rs 12,284 crore, including Rs 1,076 crore collected on imported goods.
The gross GST collections in FY25 till May 2024 (April and May) stood at Rs 3,83,006 crore, which is a 11.30 per cent year-on-year growth over Rs 3,44,125 crore, driven by a strong increase in domestic transactions (up 14.2 per cent) and marginal increase in imports (up 1.4 per cent). After accounting for refunds, the net GST revenue in the FY 2024-25 till May 2024 stood at Rs 3.36 lakh crore, reflecting a growth of 11.6 per cent compared to the same period last year.
