GST Collections In May Reach Rs 1.73 Lakh Crore, Rise 10% Annually
The May figures were driven by a strong increase in domestic transactions at 15.3% and a slowing of imports by 4.3%.
The gross Goods and Services Tax collections increased 10% year-on-year to Rs 1.73 lakh crore in May, according to a release by the Finance Ministry on Saturday. The May figures were driven by a strong increase in domestic transactions at 15.3% and a slowing of imports by 4.3%.
After accounting for refunds, the net GST revenue for May stands at Rs 1.44 lakh crore, reflecting a growth of 6.9% as compared with the same period last year.
Historically, following the mop-up in April, May collections tend to be much lower in comparison, as they are reflective of revenue collections for transactions conducted in April—the first month of the fiscal.
GST collections in April crossed the Rs 2-lakh-crore mark for the first time, since the rollout of the indirect tax reform in July 2017. GST collections are released with a one-month lag.
According to the release, the GST revenue collection in FY25—including the highest ever collection in April—stands at Rs 3.83 lakh crore.
The Fineprint
Gross GST revenue: Rs 1.73 lakh crore.
Central GST: Rs 32,409 crore.
State GST: Rs 40,265 crore.
Integrated GST: Rs 87,781 crore, including Rs 39,879 crore collected on import of goods.
Cess: Rs 12,284 crore, including Rs 1,076 crore, collected on the import of goods.
