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

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.

 

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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.

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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. 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.

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