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:

  • Central Goods and Services Tax (CGST): ₹32,409 crore
  • State Goods and Services Tax (SGST): ₹40,265 crore
  • Integrated Goods and Services Tax (IGST): ₹87,781 crore (including ₹39,879 crore from imported goods)
  • Cess: ₹12,284 crore (including ₹1,076 crore from imported goods)

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:

  • Central Goods and Services Tax (CGST): ₹76,255 crore
  • State Goods and Services Tax (SGST): ₹93,804 crore
  • Integrated Goods and Services Tax (IGST): ₹1,87,404 crore (including ₹77,706 crore from imported goods)
  • Cess: ₹25,544 crore (including ₹2,084 crore from imported goods)

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.