India's GST Collection For May 2024 Reaches ₹1.73 Lakh Cr, Up 10% YoY; Domestic Transactions Surge By 15.3%

India's GST Collection For May 2024 Reaches ₹1.73 Lakh Cr, Up 10% YoY; Domestic Transactions Surge By 15.3%

The Finance Ministry on Saturday, June 1, released the official data of the country's gross Goods and Services Tax (GST) collection for May this year.

G R MukeshUpdated: Saturday, June 01, 2024, 08:05 PM IST
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India's GST Collection For May 2024 Reaches ₹1.73 Lakh Cr |

The Finance Ministry on Saturday, June 1, released the official data of the country's gross Goods and Services Tax (GST) collection for May this year.

According to the release, the total GST for the Month of May Collected was Rs 1.73 lakh crore, which is 10 per cent more what was collected in May 2023. This surge is mainly due to a 15.3 per cent rise in domestic transactions, although imports have decreased by 4.3 per cent. After giving out refunds, the net GST revenue for May 2024 is Rs 1.44 lakh crore, which is a 6.9 per cent increase compared to last year.

CGST & SGST

In May 2024, the Central Government collected RS 32,409 crore from the Central Goods and Services Tax (CGST) and the State Governments collected Rs 40,265 crore from the State Goods and Services Tax (SGST).

Additionally, the Integrated Goods and Services Tax (IGST) brought in Rs 87,781 crore, which included Rs 39,879 crore from goods imported into India.

Additional Details on Cess

The government also collected Rs 12,284 crore as Cess, with Rs 1,076 crore of this amount coming from imported goods. This Cess is an extra charge on top of the GST to fund specific government projects or compensate states for revenue loss due to GST implementation.

Total GST collection

Total GST collection | pib

State wise GST collection

The GST collection, across several states showed a significant growth. Jammu and Kashmir, Haryana, and Uttarakhand GST collection surged 24 per cent, 28 per cent, and 28 per cent respectively.

Delhi recorded the highest growth rate of 46 per cent, while Manipur followed closely with a 48 per cent rise.

Maharashtra, a key economic hub, recorded a 14 per cent increase in GST collections.

However, some regions also witnessed a decline in GST collection.

Ladakh and Lakshadweep plunged by 41 per cent and 39 per cent respectively.

Central and State Contributions

In the fiscal year 2024-25 up to May, the total GST collections amounted to Rs 3,83,007 crore. Among these, the CGST contributed Rs 76,255 crore, while the SGST contributed Rs 93,804 crore.

Integrated Tax and Cess Contributions

Furthermore, the IGST collected during this period totaled Rs 1,87,404 crore, which included Rs 77,706 crore garnered from taxes on imported goods.

Additionally, the Cess collections amounted to Rs 25,544 crore, including Rs 2,084 crore collected from imported goods.

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