The growth in GST collections was driven by an increase in revenues from domestic transactions (up 15.3 per cent) over the slowing of imports (down 4.3 per cent)
India's gross goods and services tax (GST) collections rose to ₹1.73 lakh crore in May, growing 10 per cent year on year (YoY) driven by increased revenues from domestic transactions, the finance ministry said on Saturday, June 1.
GST collections had touched a record high of ₹2.10 lakh crore last month. "The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at ₹1.73 lakh crore," the finance ministry said in a statement.
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The 10 per cent YoY growth in May was driven by an increase in revenues from domestic transactions (up 15.3 per cent) over the slowing of imports (down 4.3 per cent). After accounting for refunds, the net GST revenue for May 2024 stood at ₹1.44 lakh crore, reflecting a growth of 6.9 per cent compared to the same period last year.
The gross GST collections in the current fiscal (FY25) till May 2024 stood at ₹3.83 lakh crore, which is a 11.3 per cent YoY 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 FY25 till May 2024 stood at ₹3.36 lakh crore, recording a growth of 11.6 per cent compared to the same period last year. After refunds, the net GST revenue for May stands at ₹1.44 lakh crore, reflecting a growth of 6.9 per cent compared to the same period last year.
In May, the Central Goods and Services Tax (CGST) stands at ₹32,409 crore, the State Goods and Services Tax (SGST) at ₹40,265 crore, and the Integrated Goods and Services Tax (IGST) at ₹87,781 crore, including ₹39,879 crore collected on imported goods. The cess collection in May stands at ₹12,284 crore, including ₹1,076 crore collected on imported goods.
''The 10 per cent increase on a YoY basis in GST collections is largely driven by the significant increase in collections in North Indian States, like UP, Delhi, Haryana, Punjab etc,'' said Gunjan Prabhakaran, Partner & Leader, Indirect Tax, BDO India.
GST collection in April
May's GST collection came sharply lower compared to April when it touched a record ₹2.10 trillion - reflecting robust economic growth. GST collections crossed the ₹2 trillion mark for the first time in April, since the unified indirect tax regime was rolled out seven years ago.
"This represents a significant 12.4 per cent year-on-year growth, driven by a strong increase in domestic transactions, up 13.4 per cent, and imports, up 8.3 per cent," a finance ministry statement said. After accounting for refunds, the net GST revenue for April stood at ₹1.92 trillion, 15.5 per cent higher than the same period last year.