Gross GST Revenue Collection Is Rs1.73 Tn

Gross GST Revenue Collection In May 2024 Records 10% Y-O-Y Growth

FinTech BizNews Service 

Mumbai, June 2, 2024: 

The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at Rs1.73 lakh crore (Trillion-Tn). This represents a 10% year-on-year growth, driven by a strong increase in domestic transactions (up 15.3%) and slowing of imports (down 4.3%). After accounting for refunds, the net GST revenue for May 2024 stands at Rs1.44 lakh crore, reflecting a growth of 6.9% compared to the same period last year.

Breakdown of May 2024 Collections:

Central Goods and Services Tax (CGST): Rs32,409 crore;

State Goods and Services Tax (SGST): Rs40,265 crore;

Integrated Goods and Services Tax (IGST): Rs87,781 crore, including Rs39,879 crore collected on imported goods;

Cess: Rs12,284 crore, including Rs1,076 crore collected on imported goods.

The gross GST collections in the FY 2024-25 till May 2024 stood at Rs3.83 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 the FY 2024-25 till May 2024 stands at Rs3.36 lakh crore, reflecting a growth of 11.6% compared to the same period last year.

Breakdown of collections in the FY 2024-25 till May, 2024, are as below:

Central Goods and Services Tax (CGST): Rs76,255 crore;

State Goods and Services Tax (SGST): Rs93,804 crore;

Integrated Goods and Services Tax (IGST): Rs1,87,404 crore, including Rs77,706 crore collected on imported goods;

Cess: Rs25,544 crore, including Rs2,084 crore collected on imported goods.

Inter-Governmental Settlement:

In the month of May, 2024, the Central Government settled Rs38,519 crore to CGST and Rs32,733 crore to SGST from the net IGST collected of Rs67,204 crore. This translates to a total revenue of Rs70,928 crore for CGST and Rs72,999 crore for SGST in May, 2024, after regular settlement.

Similarly, in the FY 2024-25 till May 2024 the Central Government settled Rs88,827 crore to CGST and Rs74,333 crore to SGST from the net IGST collected of Rs154,671 crore. This translates to a total revenue of Rs1,65,081 crore for CGST and Rs1,68,137 crore for SGST in FY 2024-25 till May 2024 after regular settlement.

The chart below shows trends in monthly gross GST revenues during the current year. Table-1 shows the state-wise figures of GST collected in each State during the month of May, 2024 as compared to May, 2023. Table-2 shows the state-wise figures of post settlement GST revenue of each State for the month of May, 2024.

State-wise growth of GST Revenues during May, 2024