GST collection nets Rs 1.73 lakh crore in May

The Goods and Services Tax (GST) collections for May touched Rs. 1.73 lakh crore, a 10 per cent growth (year-on-year), driven by a strong increase in domestic transactions and slowing of imports, the Centre said.

The gross GST collections in the FY2024-25, till May, stood at Rs. 3.83 lakh crore, representing an 11.3 per cent year-on-year growth, according to the Ministry of Finance.

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.

For May, after accounting for refunds, the net GST revenue stood at Rs. 1.44 lakh crore, reflecting a growth of 6.9 per cent compared to the same period last year.

While central Goods and Services Tax (CGST) was at Rs. 32,409 crore, the state GST was Rs. 40,265 crore and integrated IGST stood at Rs. 87,781 crore, including Rs. 39,879 crore collected on imported goods, said the ministry.

The Cess stood at Rs. 12,284 crore, including Rs. 1,076 crore collected on imported goods.

For the FY 2024-25 till May, the CGST was Rs. 76,255 crore; SGST was Rs. 93,804 crore; IGST Rs. 1,87,404 crore, and Cess was Rs. 25,544 crore.

In the month of May, the government settled Rs. 38,519 crore to CGST and Rs. 32,733 crore to SGST from the net IGST collected of Rs. 67,204 crore. This translates to total revenue of Rs. 70,928 crore for CGST and Rs. 72,999 crore for SGST in May, after regular settlement.

"Similarly, in the FY 2024-25 till May 2024, the Central government settled Rs. 88,827 crore to CGST and Rs. 74,333 crore to SGST from the net IGST collected of Rs. 154,671 crore," the ministry said.

This translates to a total revenue of Rs. 1,65,081 crore for CGST and Rs. 1,68,137 crore for SGST in FY 2024-25 till May.