New Delhi [India]: Gross Goods and Services Tax (GST) collection in May stood at Rs 1.73 lakh crore, according to a Finance Ministry release.
GST collections in May recorded a 10 per cent year-on-year growth, driven by strong growth in domestic transactions (up 15.3 per cent) and decline in imports (down 4.3 per cent).
According to the Finance Ministry, after accounting for refunds, the net GST revenue for May 2024 is Rs 1.44 lakh crore, showing a growth of 6.9 per cent over the same period last year.
The Finance Ministry says that in May, Central Goods and Services Tax (CGST) was Rs 32,409 crore, State Goods and Services Tax (SGST) was Rs 40,265 crore and Integrated Goods and Services Tax (IGST) was Rs 40,265 crore. Rs 87,781 crore, which includes Rs 39,879 crore collected on imported goods.Cess collection in May stood at Rs 12,284 crore, including Rs 1,076 crore collected on imported goods.
It further said that gross GST collections in FY 2024-25 till May 2024 stood at Rs 3.83 lakh crore, registering a year-on-year growth of 11.3 per cent, driven by strong growth in domestic transactions, which is greater than 14.2. percent, and imports increased marginally by 1.4 percent.
After accounting for refunds, the net GST revenue in FY 2024-25 till May 2024 is Rs 3.36 lakh crore, showing a growth of 11.6 per cent over the same period last year.
Last month in April, gross Goods and Services Tax (GST) collections had increased to a record high of Rs 2.10 lakh crore.GST collections also recorded a year-on-year growth of 12.4 percent.
After accounting for refunds, net GST revenue for April 2024 stood at Rs 1.92 lakh crore, showing a growth of 15.5 per cent over the same period last year.
Analysis of April 2024 collections revealed positive performance across various components. Central Goods and Services Tax (CGST) collections stood at Rs 43,846 crore, while State Goods and Services Tax (SGST) collections stood at Rs 53,538 crore. Integrated Goods and Services Tax (IGST) collections totaled Rs 99,623 crore, including Rs 37,826 crore collected on imported goods.
GST collections in May recorded a 10 per cent year-on-year growth, driven by strong growth in domestic transactions (up 15.3 per cent) and decline in imports (down 4.3 per cent).
According to the Finance Ministry, after accounting for refunds, the net GST revenue for May 2024 is Rs 1.44 lakh crore, showing a growth of 6.9 per cent over the same period last year.
The Finance Ministry says that in May, Central Goods and Services Tax (CGST) was Rs 32,409 crore, State Goods and Services Tax (SGST) was Rs 40,265 crore and Integrated Goods and Services Tax (IGST) was Rs 40,265 crore. Rs 87,781 crore, which includes Rs 39,879 crore collected on imported goods.Cess collection in May stood at Rs 12,284 crore, including Rs 1,076 crore collected on imported goods.
It further said that gross GST collections in FY 2024-25 till May 2024 stood at Rs 3.83 lakh crore, registering a year-on-year growth of 11.3 per cent, driven by strong growth in domestic transactions, which is greater than 14.2. percent, and imports increased marginally by 1.4 percent.
After accounting for refunds, the net GST revenue in FY 2024-25 till May 2024 is Rs 3.36 lakh crore, showing a growth of 11.6 per cent over the same period last year.
Last month in April, gross Goods and Services Tax (GST) collections had increased to a record high of Rs 2.10 lakh crore.GST collections also recorded a year-on-year growth of 12.4 percent.
After accounting for refunds, net GST revenue for April 2024 stood at Rs 1.92 lakh crore, showing a growth of 15.5 per cent over the same period last year.
Analysis of April 2024 collections revealed positive performance across various components. Central Goods and Services Tax (CGST) collections stood at Rs 43,846 crore, while State Goods and Services Tax (SGST) collections stood at Rs 53,538 crore. Integrated Goods and Services Tax (IGST) collections totaled Rs 99,623 crore, including Rs 37,826 crore collected on imported goods.
