New Delhi (thestates.news)| On the back of strong economic growth and growing compliance, India’s Goods and Services Tax (GST) collection rose 10% year-on-year to Rs 1.73 lakh crore in May 2024. “The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at Rs 1.73 lakh crore. 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%),” Finance Ministry said in an official release.
After accounting for refunds, the net GST revenue for May 2024 stood at Rs 1.44 lakh crore, reflecting a growth of 6.9% compared to the same period last year.
The gross GST collection in May this year includes Central Goods and Services Tax (CGST) of Rs 32,409 crore, State Goods and Services Tax (SGST) of Rs 40,265 crore, Integrated Goods and Services Tax (IGST) of Rs 87,781 crore (including Rs 39,879 crore collected on imported goods) and cess of Rs 12,284 crore (including Rs 1,076 crore collected on imported goods).
The gross GST collections in the current financial year 2024-25 till May 2024 stood at Rs 3.83 lakh crore, up 11.3% year-on-year.(UNI)
GST collection rises 10 pc YoY to Rs 1.73 lakh crore in May 2024
