The finance ministry reported that the nation’s gross Goods and Services Tax (GST) collections reached Rs 1.73 lakh crore in May, marking a 10 per cent year-on-year increase, fueled by higher revenues from domestic transactions.
This 10 per cent growth in GST revenue collection was driven by a 15.3 per cent increase in domestic transactions and a 4.3 per cent contraction in imports. The collection has eased from the record high of Rs 2.1 lakh crore collected in April.
“As expected, collections have moderated after the year-end highest collections last month. However, 10 per cent growth over last year’s same month and especially 15.3 per cent growth in GST collections on domestic supplies is impressive and shows the robustness of the domestic economy,” said Abhishek Jain, Indirect Tax Head & Partner at KPMG.
“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 finance ministry said.
Central GST and State GST collection stood at Rs 32,409 crore and Rs 40,265 crore, respectively. Integrated GST collection was Rs 87,781 crore in May, including Rs 39,879 crore collected from imported goods.
The finance ministry has so far collected Rs 3.83 lakh crore in FY25, up 11.3 per cent year-on-year. The gross GST collections in FY 2024-25 till May 2024 stood at Rs 3.83 lakh crore. This represents an impressive 11.3 per cent year-on-year growth, driven by a strong increase in domestic transactions (up 14.2 per cent) and a marginal increase in imports (up 1.4 per cent). After accounting for refunds, the net GST revenue in FY 2024-25 till 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 May 2024, the Central Government settled Rs 38,519 crore to CGST and Rs 32,733 crore to SGST from the net IGST collected of Rs 67,204 crore. This translates to a total revenue of Rs 70,928 crore for CGST and Rs 72,999 crore for SGST in May 2024, after regular settlement,” the finance ministry highlighted.