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

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:

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:

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.