GST collection increased by 10 percent to Rs 1.73 lakh crore in May, know what the figures say
GST Collection: The country's gross GST collection increased to Rs 1.73 lakh crore in May. It registered a growth of 10% on an annual basis. The Finance Ministry gave this information on Saturday.
Muskan
Follow Us
The country's gross GST collection increased to Rs 1.73 lakh crore in May. It registered a growth of 10% on an annual basis. The Finance Ministry gave this information on Saturday. Last month, GST collection reached a record high of Rs 2.10 lakh crore.
"Gross Goods and Services Tax (GST) revenue in May 2024 stood at Rs 1.73 lakh crore," the ministry said in a statement. The 10% year-on-year growth in May collections is due to robust growth in revenue from domestic transactions (up 15.3%).
After accounting for refunds, net GST revenue for May 2024 stood at Rs 1.44 lakh crore, up 6.9% over the same period last year. Gross GST collections up to May 2024 in FY25 stood at Rs 3.83 lakh crore, up 11.3% year-on-year. This is driven by robust growth in domestic transactions (up 14.2%) and marginal growth in imports (up 1.4%).
After accounting for refunds, net GST revenue up to May 2024 in FY24-25 stood at Rs 3.36 lakh crore, up 6.9% over the same period last year The increase of 11.6 percent is high.
