Gross GST revenue collection in May 2024 stands at Rs 1.73 lakh crore, Records 10% YoY growth
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.
![Gross GST revenue collection in May 2024 stands at Rs 1.73 lakh crore, Records 10% YoY growth](https://www.psuconnect.in/sdsdsd/tax6.jpg)
The gross Goods and Services Tax (GST) revenue for 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 a 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.
Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoY
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 a 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.
Read Also : RBI issues guidelines on higher liquidity coverage ratio for retail depositsSimilarly, 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. 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 2024 after regular settlement.
Read Also : India assumes the Chair of Asian Disaster Preparedness CentreNews Must Read
- Karnataka Bank Announced record Q1 Net Profit at Rs. 400.33 CR
- NTPC, BHEL shares soar higher amid JV announcement in Budget 2024
- BEL signs tripartite MoU for manufacture of indigenised ammunition
- Goa Shipyard Limited launched first indigenous P1135.6 Frigate
- Chandan Sinha appointed as Non-Executive Part Time Chairman of RBL Bank
- OIL and Dolphin Drilling signs contract for hiring of Blackford Dolphin
- Cmde D.K. Murali, IN (Retd.) Joins as CMD of BECIL
- Samir Chandra Saxena Appointed as Director (Market Operation) of GRID-INDIA
- MOIL CMD bags Title 'CEO of the Year'
- ONGC sign MoU with GSI to advance geothermal exploration in Ladakh