Mumbai: Gross goods and services tax (GST) revenue for May 2024 stood at ₹1.73 lakh crore. This represents a 10 percent year-on-year increase, driven by strong growth in domestic transactions (up 15.3%) and a slowdown in imports (down 4.3%). After accounting for refunds, the net GST revenue for May 2024 is ₹1.44 lakh crore, showing a growth of 6.9% over the same period last year.
The gross GST collection in the financial year 2024-25 till May 2024 stood at ₹3.83 lakh crore. This represents an impressive growth of 11.3% year-on-year, driven by strong growth in domestic transactions (up 14.2%) and modest growth in imports (up 1.4%). After accounting for refunds, the net GST revenue in FY 2024-25 till May 2024 is ₹3.36 lakh crore, showing a growth of 11.6% over the same period last year.
Inter-Governmental Agreement: In the month of May, 2024, the Central Government settled ₹38,519 crore to CGST and ₹32,733 crore to SGST out of the net IGST of ₹67,204 crore collected. After regular settlement, the total revenue in May, 2024 is Rs 70,928 crore for CGST and Rs 72,999 crore for SGST.
Similarly, in the financial year 2024-25 till May 2024, the Central Government settled Rs 88,827 crore to CGST and Rs 74,333 crore to SGST out of the net IGST collection of Rs 154,671 crore. This amounts to a total revenue of ₹1,65,081 crore for CGST and ₹1,68,137 crore for SGST till May 2024 in FY 2024-25 after regular settlement.
Gross GST revenue collection in May 2024 stands at ₹1.73 lakh crore; Recorded 10% inflation year-on-year
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