In a latest development, India’s gross GST collections rose to Rs 1.73 lakh crore in May, registering a 10 per cent year-on-year growth driven by augmented revenues from domestic transactions, the finance ministry stated on Saturday.
The 10 per cent year-on-year 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), the statement said.
Moreover, after accounting for refunds, the net GST revenue settled at Rs 1.44 lakh crore for May 2024. After refund collection reflects a growth of 6.9 per cent compared to the same period last year.
Gross collection in FY25 rises to Rs. 3.83 lakh crore
Meanwhile, the gross GST collections in financial year 2025 till May 2024 stood at Rs 3.83 lakh crore. The figure shows 11.3 per cent year-on-year 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 financial year 2025 stood at Rs 3.36 lakh crore till May 2024 , reflecting a growth of 11.6 per cent compared to the same period last year.
GST collection declines from last month record-high
However, the collection is significantly less than what it was last month. In a statement, the finance ministry said, “GST collections had touched a record high of Rs 2.10 lakh crore last month.” In April 2024, net GST collection was recorded at Rs. 2.10 lakh crore which was growing 12.4 per cent on year-on-year basis.
The growth in April 2024 was driven by a 13.4 per cent growth in domestic transactions and 8.3 per cent growth in imports. "The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at Rs 2.10 lakh crore. This represents a significant 12.4 per cent year-on-year growth, driven by a strong increase in domestic transactions (up 13.4 per cent) and imports (up 8.3 per cent)," the finance ministry had said.
(With PTI Inputs)
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