New Delhi [India], June 1 : The gross Goods and Services Tax (GST) collection for May stood at Rs 1.73 lakh crore, according to the release by the Ministry of Finance.
The GST collection in May registered a 10 per cent year-on-year growth, driven by a strong increase in domestic transactions (up 15.3 per cent) and a decrease in imports (down 4.3 per cent).
According to the Ministry of Finance, after accounting for refunds, the net GST revenue for May 2024 stands at Rs 1.44 lakh crore, reflecting a growth of 6.9 per cent compared to the same period last year.
The Ministry of Finance says that in May, the Central Goods and Services Tax (CGST) stands at Rs 32,409 crore, the State Goods and Services Tax (SGST) at Rs 40,265 crore, and the Integrated Goods and Services Tax (IGST) at Rs 87,781 crore, including Rs 39,879 crore collected on imported goods. The Cess collection in May stands at Rs 12,284 crore, including Rs 1,076 crore collected on imported goods.
It further added that the gross GST collections in the FY 2024-25 until May 2024 stood at Rs 3.83 lakh crore, registering an 11.3 per cent year-on-year growth, driven by a strong increase in domestic transactions, which are up by 14.2 per cent, and a marginal increase in imports by 1.4 per cent.
After accounting for refunds, the net GST revenue in the FY 2024-25 until May 2024 stands at Rs 3.36 lakh crore, reflecting a growth of 11.6 per cent compared to the same period last year.
In the previous month during April, the Gross Goods and Services Tax (GST) collections surged to a record high of Rs 2.10 lakh crore.
The GST collection also registered a 12.4 per cent year-on-year growth.
After accounting for refunds, the net GST revenue for April 2024 stood at Rs 1.92 lakh crore, showcasing a 15.5 per cent growth compared to the corresponding period last year.
The breakdown of April 2024 collections revealed positive performance across various components. Central Goods and Services Tax (CGST) recorded collections of Rs 43,846 crore, while State Goods and Services Tax (SGST) collections amounted to Rs 53,538 crore. Integrated Goods and Services Tax (IGST) collections totaled Rs 99,623 crore, including Rs 37,826 crore collected on imported goods.
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