Gross GST Revenue Collection Grows 10% On Year In May
The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at Rs. 1.73 lakh crore. This represents a 10% year-on-year growth, driven by a strong increase in domestic transactions (up 15.3%) and slowing of imports (down 4.3%). After accounting for refunds, the net GST revenue for May 2024 stands at Rs. 1.44 lakh crore, reflecting a growth of 6.9% compared to the same period last year.
The gross GST collections in the FY 2024-25 till May 2024 stood at Rs. 3.83 lakh crore. This represents an impressive 11.3% year-on-year growth, driven by a strong increase in domestic transactions (up 14.2%) and marginal increase in imports (up 1.4%). After accounting for refunds, the net GST revenue in the FY 2024-25 till May 2024 stands at Rs. 3.36 lakh crore, reflecting a growth of 11.6% compared to the same period last year.
In the month of 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.
