The gross Goods and Services Tax (GST) revenue for May 2024 stood at US$ 20.82 billion (Rs. 1.73 lakh crore), marking a 10% YoY growth. This increase was driven by a strong rise in domestic transactions (up 15.3%) and a slowdown in imports (down 4.3%). After accounting for refunds, the net GST revenue for May 2024 was US$ 17.33 billion (Rs. 1.44 lakh crore), reflecting a 6.9% growth compared to the same period last year. The breakdown of May 2024 collections includes Central GST (CGST) at US$ 3.90 billion (Rs. 32,409 crore), State GST (SGST) at US$ 4.85 billion (Rs. 40,265 crore), Integrated GST (IGST) at US$ 10.57 billion (Rs. 87,781 crore) (including US$ 4.80 billion (Rs. 39,879 crore) from imported goods), and Cess at US$ 1.48 billion (Rs. 12,284 crore) (including US$ 0.13 billion (Rs. 1,076 crore) from imported goods).
For FY24-25 till May 2024, the gross GST collections totalled US$ 46.10 billion (Rs. 3.83 lakh crore), representing an 11.3% YoY growth. This was driven by a significant increase in domestic transactions (up 14.2%) and a marginal rise in imports (up 1.4%). After refunds, the net GST revenue for this period stood at US$ 40.44 billion (Rs. 3.36 lakh crore), reflecting an 11.6% growth compared to the same period last year. The breakdown of collections for FY24-25 till May 2024 includes CGST at US$ 9.18 billion (Rs. 76,255 crore), SGST at US$ 11.29 billion (Rs. 93,804 crore), IGST at US$ 22.56 billion (Rs. 1,87,404 crore) (including US$ 9.35 billion (Rs. 77,706 crore) from imported goods), and Cess at US$ 3.07 billion (Rs. 25,544 crore) (including US$ 0.25 billion (Rs. 2,084 crore) from imported goods).
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
