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- GST
- June 2, 2024
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The total revenue from GST reached ₹1.73 lakh crore.
In May 2024, the total revenue from GST reached ₹1.73 lakh crore, marking a 10% increase compared to the previous year. This growth was mainly due to higher domestic transactions, which went up by 15.3%, despite a decrease in imports by 4.3%. After refunds, the net GST revenue for May 2024 stood at ₹1.44 lakh crore, showing a 6.9% increase from the same period last year. Here’s a breakdown of the GST collections for May 2024: For the financial year 2024-25 up to May 2024, the total GST revenue collection was ₹3.83 lakh crore, showing an impressive 11.3% growth. Despite a slight increase in imports by 1.4%, the growth was primarily driven by a strong increase in domestic transactions, up by 14.2%. After refunds, the net GST revenue for this period stood at ₹3.36 lakh crore, reflecting an 11.6% growth from the previous year. Breakdown of collections up to May 2024: In May 2024, the Central Government settled ₹38,519 crore to CGST and ₹32,733 crore to SGST from the net IGST collected of ₹67,204 crore. This resulted in a total revenue of ₹70,928 crore for CGST and ₹72,999 crore for SGST in May 2024, after regular settlement. Similarly, up to May 2024 in the financial year 2024-25, the Central Government settled ₹88,827 crore to CGST and ₹74,333 crore to SGST from the net IGST collected of ₹1,54,671 crore. This translated to a total revenue of ₹1,65,081 crore for CGST and ₹1,68,137 crore for SGST up to May 2024, after regular settlement. This data shows a positive trend in GST collections, indicating a robust economic activity despite challenges.
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