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 10 percent year-on-year growth, driven by a strong increase in domestic transactions up 15.3 percent and a decrease in imports down 4.3 percent. 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 percent compared to the same period last year.
The Ministry of Finance says that in May, the Central Goods and Services Tax (CGST) stood at Rs 32,409 crore, the State Goods and Services Tax (SGST) at Rs 40,265 crore, and the Integrated Goods and
GST Services Tax (IGST) at Rs 87,781 crore, including Rs 39,879 crore collected on imported goods. The cess collection in May stood at Rs 12,284 crore, including Rs 1,076 crore collected on imported goods.
It further added that the gross GST collections in FY 2024–25 until May 2024 stood at Rs 3.83 lakh crore,
resulting in 11.3 percent year-on-year growth, driven by a strong increase in domestic transactions, which are up by 14.2 percent, and a marginal increase in imports by 1.4 percent. After accounting for refunds, the net GST revenue in FY 2024–25 until May 2024 stands at Rs 3.36 lakh crore, reflecting a growth of 11.6 percent 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 12.4 percent year-on-year growth. After accounting for refunds, the net GST revenue for April 2024 stood at Rs 15 lakh crore, showcasing a 15 percent growth compared to the corresponding period last year. The breakdown of the A 2024 collections revealed positive performance across many components. Cer Goods and Services Tax (C 43,846 crore, while State C recorded collections
Elections amounted to Rs 5 and Services Tax (SGST) crore. Integrated Goods Tax (GST) contributions totaled Rs 99,623—including Rs 37,826 crore collected on imported goods.