GST collections rise to Rs 1.73 lakh crore in May

The country’s gross GST collections increased to Rs 1.73 lakh crore in May, marking a 10 percent year-on-year growth, according to the finance ministry on Saturday. This rise is largely driven by higher revenues from domestic transactions.

Last month, GST collections had hit a record high of Rs 2.10 lakh crore.

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“The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at Rs 1.73 lakh crore,” the ministry said in a statement.

The 10 percent year-on-year growth in May’s collections is attributed to a strong 15.3 percent increase in domestic transaction revenues, while revenues from imports decreased by 4.3 percent.

After accounting for refunds, the net GST revenue for May 2024 was Rs 1.44 lakh crore, showing a 6.9 percent growth compared to the same period last year.

For the financial year 2024-25 up to May, gross GST collections stood at Rs 3.83 lakh crore, an 11.3 percent year-on-year increase. This growth was driven by a 14.2 percent rise in domestic transactions and a slight 1.4 percent increase in imports.

After refunds, the net GST revenue for FY 2024-25 up to May was Rs 3.36 lakh crore, reflecting an 11.6 percent growth compared to the same period last year.

(Data attributed to PTI)