GST collection for May at Rs 1.73 lakh crore, up 10% YoY | Economy News
New Delhi: The Goods and Services Tax (GST) collections for May came in at Rs 1.73 lakh crore, a 10 per cent growth (year-on-year), driven by a strong increase in domestic transactions and slowing of imports, the Centre said on Saturday.
The gross GST collections in the FY2024-25, till May, stood at Rs 3.83 lakh crore, representing an 11.3 per cent year-on-year growth, according to the Ministry of Finance. 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. (Also Read: ATF Price Slashed By 6.5% To Rs 94,969.01/kl; Windfall Tax On Crude Petroleum Reduced To Rs 5,200/Tonne)
For May, after accounting for refunds, the net GST revenue stood at Rs 1.44 lakh crore, reflecting a growth of 6.9 per cent compared to the same period last year. While central Goods and Services Tax (CGST) was at Rs 32,409 crore, the state GST was Rs 40,265 crore and integrated IGST stood at Rs 87,781 crore, including Rs 39,879 crore collected on imported goods, said the ministry. (Also Read: Lok Sabha Elections 2024: Are Banks Closed Today, June 1? Check State-Wise List)
The Cess stood at Rs 12,284 crore, including Rs 1,076 crore collected on imported goods. For the FY 2024-25 till May, the CGST was Rs 76,255 crore; SGST was Rs 93,804 crore; IGST was Rs 1,87,404 crore, and Cess was Rs 25,544 crore.
In the month of May, the 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, after regular settlement.
“Similarly, in the FY 2024-25 till May 2024, the Central government settled Rs 88,827 crore to CGST and Rs 74,333 crore to SGST from the net IGST collected of Rs 154,671 crore,” said the ministry. This translates to a total revenue of Rs 1,65,081 crore for CGST and Rs 1,68,137 crore for SGST in FY 2024-25 till May.
