GST collection grows 10% y-o-y to ₹1.73 lakh cr in May

The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at ₹1.73 lakh crore, representing a 10% year-on-year growth, driven by a strong increase in domestic transactions which were up 15.3%. Imports, however, slowed by 4.3%.

After accounting for refunds, the net GST revenue for May 2024 stands at ₹1.44 lakh crore, reflecting a growth of 6.9% compared to the same period last year.

The Central Goods and Services Tax (CGST) stood at ₹32,409 crore, State Goods and Services Tax (SGST): at ₹40,265 crore, Integrated Goods and Services Tax (IGST) at ₹87,781 crore, including ₹39,879 crore collected on imported goods. Cess came in at ₹12,284 crore, including ₹1,076 crore collected on imported goods.

The gross GST collections in the financial year 2024-25 till May 2024 stood at ₹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 marginal increase in imports (up 1.4%). After accounting for refunds, the net GST revenue in FY25 till May stands at ₹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 ₹38,519 crore to CGST and ₹32,733 crore to SGST from the net IGST collected of ₹67,204 crore. This translates to a total revenue of ₹70,928 crore for CGST and ₹72,999 crore for SGST in May, 2024, after regular settlement.

Similarly, in 2024-25 till May 2024 the Central Government settled ₹88,827 crore to CGST and ₹74,333 crore to SGST from the net IGST collected of ₹154,671 crore. This translates to a total revenue of ₹1,65,081 crore for CGST and ₹1,68,137 crore for SGST in FY 2024-25 till May 2024 after regular settlement.

In April 2024, GST collections breached the ₹2 lakh cr mark for the first time. GST revenue for the month of April touched record level of 2.10 lakh crore, registering 12% year on year growth over ₹1.87 lakh crore in April 2023.

Last month, Finance Minister Nirmala Sitharaman said it is a myth that all Goods and Services Tax (GST) collections are pocketed by the Centre. “GST contributes significantly to state revenues – States receive 100% of SGST collected in that state, approx. 50% of IGST (i.e. on inter-state trade). A significant portion of CGST, i.e., 42%, is devolved to the states based on the Finance Commission's recommendations,” the finance minister said.