May 2024 GST collections at Rs 1.73 lakh crore; up 10% year-on-year

2024-06-01 19:30:43

GST Collections May 2024: The Goods and Services Tax (GST) revenue for May 2024 reached Rs 1.73 lakh crore, marking a 10% increase compared to the same month last year. This growth was primarily attributed to a substantial rise in domestic transactions (15.3%) and a decrease in imports (4.3%). The net GST revenue, after accounting for refunds, amounted to Rs 1.44 lakh crore, showing a 6.9% growth year-on-year.
The breakdown of May 2024 collections is as follows:

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

In the fiscal year 2024-25, up to May 2024, the gross GST collections reached Rs 3.83 lakh crore, demonstrating a significant 11.3% year-on-year growth. This growth was driven by a robust increase in domestic transactions (14.2%) and a slight increase in imports (1.4%). The net GST revenue for this period, after accounting for refunds, stood at Rs 3.36 lakh crore, reflecting an 11.6% growth compared to the previous year.
The breakdown of collections in the FY 2024-25 till May 2024 is as follows:

Central Goods and Services Tax (CGST): Rs 76,255 crore
State Goods and Services Tax (SGST): Rs 93,804 crore
Integrated Goods and Services Tax (IGST): Rs 1,87,404 crore, including Rs 77,706 crore collected on imported goods
Cess: Rs 25,544 crore, including Rs 2,084 crore collected on imported goods.

In 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 resulted in a total revenue of Rs 70,928 crore for CGST and Rs 72,999 crore for SGST in May 2024, after the regular settlement.
Similarly, in the FY 2024-25 up to 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 led to a total revenue of Rs 1,65,081 crore for CGST and Rs 1,68,137 crore for SGST in the fiscal year 2024-25 up to May 2024, after the regular settlement.

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