GST Collection: The central government has released the data of GST collection on Saturday. According to this, the gross GST revenue collection in May was Rs 1.73 lakh crore. It has registered a growth of 10 percent on an annual basis. Net GST revenue has also increased by 6.9 percent to Rs 1.44 lakh crore. According to the data, the gross GST revenue collection so far in the current financial year 2024-25 has been Rs 3.83 lakh crore. It has increased by 11.3 percent as compared to the same period of the previous financial year.
👉 Gross #GST revenue collection in May 2024 stands at ₹1.73 lakh crore; Records 10% yoy growth
👉 ₹3.83 lakh crore gross #GST revenue collection in FY2024-25 (till May 2024) records 11.3% yoy growth
👉 Net Revenue (after refunds) grows 11.6% in FY 2024-25 (till May… pic.twitter.com/BcHLQbLR2U
— Ministry of Finance (@FinMinIndia) June 1, 2024
GST collection decreased as compared to April, 2024
However, there has been a decrease in GST collection as compared to April 2024. In April 2024, GST collection had crossed the figure of Rs 2 lakh crore. Goods and Services Tax (GST) data for May shows that domestic transactions have increased by 15.3 percent while imports have decreased by 4.3 percent. In May 2024, Central GST (CGST) was Rs 32,409 crore, State GST (SGST) was Rs 40,265 crore, Integrated GST (IGST) was Rs 87,781 crore and Cess was Rs 12,284 crore. This also includes cess levied on imported goods.
GST increased during the first two months of the financial year
If we look at the GST collection in the financial year 2024, this figure has reached Rs 3.83 lakh crore. During the first two months of the financial year, domestic transactions have increased by 14.2 percent as compared to the same period of the previous financial year, while imports have also increased marginally by 1.4 percent. After giving refunds, net GST revenue has also increased by 11.6 percent to Rs 3.36 lakh crore. In May 2024, the central government also settled Rs 38,519 crore in CGST and Rs 32,733 crore in SGST out of the net IGST of Rs 67,204 crore. After this settlement, the total revenue for CGST in May 2024 became Rs 70,928 crore and for SGST it became Rs 72,999 crore.
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