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

GST mop-up spree: India’s gross Goods and Services Tax (GST) collections saw an increase to Rs 1.73 lakh crore in May, witnessing a growth of 10 per cent year-on-year (YoY) driven by increased revenues from domestic transactions, the Union Finance Ministry said on Saturday. Notably, GST collections had touched a record high of Rs 2.10 lakh crore in April. "The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at Rs 1.73 lakh crore," the Finance Ministry said in a statement.
The 10 per cent YoY growth in May collection is driven by a strong increase in revenues from domestic transactions (up 15.3 per cent) amid slowing of imports (down 4.3 per cent). Post accounting for refunds, the net GST revenue for May, 2024 stood at Rs 1.44 lakh crore, reflecting a growth of 6.9 per cent compared to the same period last year. The gross GST collections in FY25 till May, 2024 stood at Rs 3.83 lakh crore, which is a 11.3 per cent YoY growth, driven by a strong increase in domestic transactions (up 14.2 per cent) and marginal increase in imports (up 1.4 per cent).
After accounting for refunds, the net GST revenue in the FY 2024-25 till May 2024 stood at Rs 3.36 lakh crore, reflecting a growth of 11.6 per cent compared to the same period last year. 

(With PTI inputs)