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May 2024 Sees Robust Growth in GST Revenue, Driven by Strong Domestic Transactions

The gross Goods and Services Tax (GST) revenue for May 2024 reached an impressive ₹1.73 lakh crore, showcasing a significant 10% year-on-year growth. This growth was primarily fueled by a robust surge in domestic transactions, up by 15.3%, while imports saw a slight decline of 4.3%.

After factoring in refunds, the net GST revenue for May 2024 stood at ₹1.44 lakh crore, reflecting a commendable growth of 6.9% compared to the same period last year.

Breaking down the collections for May 2024:

  • CGST collections amounted to ₹32,409 crore.
  • The revenue from State Goods and Services Tax (SGST) reached ₹40,265 crore.
  • Integrated Goods and Services Tax (IGST): ₹87,781 crore
  • Cess: ₹12,284 crore

The FY 2024-25 till May 2024 showcased a cumulative gross GST collection of ₹3.83 lakh crore, indicating an impressive 11.3% year-on-year growth. This growth was mainly driven by a substantial increase in domestic transactions, up by 14.2%, and a marginal increase in imports, up by 1.4%.

Post-refunds, the net GST revenue for the FY 2024-25 till May 2024 amounted to ₹3.36 lakh crore, showcasing an 11.6% growth compared to the corresponding period in the previous year.

Inter-governmental settlements for May 2024 saw the Central Government settling ₹38,519 crore to CGST and ₹32,733 crore to SGST from the net IGST collected of ₹67,204 crore.

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