GST collection in May up 10% to Rs 1.73 lakh crore

Collection from cess stood at Rs 12,284 crore, including Rs 1,076 crore collected on imported goods.
Image used representational purpose.
Image used representational purpose.

NEW DELHI: Continuing with the trend of robust growth, GST collections in May logged 10% year-on-year increase in gross GST collection at Rs 1.73 lakh crore.

This growth was mainly driven by mop-up from domestic transactions (up 15.3%) even as collection from imports slowed down to 4.3%. After accounting for refunds, the net GST collection for May 2024 stands at Rs 1.44 lakh crore, reflecting a growth of 6.9% compared to the same period last year. In April, the gross GST collection crossed Rs 2 lakh crore for the first time.

Of the Rs 1.73 lakh crore, Central GST stood at Rs 32,409 crore, SGST at Rs 40,265 crore and integrated GST at Rs 87,781 crore (including Rs 39,879 crore from imported goods). Collection from cess stood at Rs 12,284 crore, including Rs 1,076 crore collected on imported goods.

After regular settlement from IGST, total revenue under CGST is Rs 70,928 crore and under SGST is Rs 72,999 crore. Gross GST revenue in FY25 till May 2024 stood at Rs 3.83 lakh crore, showing 11.3% YoY growth, driven by 14.2% rise in collections from domestic transactions. After accounting for refunds, the net GST revenue in the FY25 till May 2024 stands at Rs 3.36 lakh crore.

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