The country’s gross GST collections rose to ₹1.73 lakh crore in May, growing 10% year on year driven by increased revenues from domestic transactions, the finance ministry said.
| Photo Credit: AFP
The country’s gross GST collections rose to ₹1.73 lakh crore in May, growing 10% year on year driven by increased revenues from domestic transactions, the finance ministry said on Saturday.
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GST collections had touched a record high of ₹2.10 lakh crore last month.
“The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at ₹1.73 lakh crore,” the ministry said in a statement.
The 10% year-on-year growth in May collection is driven by a strong increase in revenues from domestic transactions (up 15.3%) amid slowing of imports (down 4.3%).
After accounting for refunds, the net GST revenue for May 2024 stood at ₹1.44 lakh crore, reflecting a growth of 6.9% compared to the same period last year.
The gross GST collections in FY25 till May 2024 stood at ₹3.83 lakh crore, which is a 11.3% year-on-year growth, driven by a strong increase in domestic transactions (up 14.2%) and marginal increase in imports (up 1.4%).
After accounting for refunds, the net GST revenue in the FY 2024-25 till May 2024 stood at ₹3.36 lakh crore, reflecting a growth of 11.6 per cent compared to the same period last year.
