The country's gross GST collections rose to ₹1.73 lakh crore in May, growing 10% year on year driven by increased revenues from domestic transactions, the finance ministry said on Saturday.
Also Read: Growth signals: On GST revenues
GST collections had touched a record high of ₹2.10 lakh crore last month.
"The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at ₹1.73 lakh crore," the ministry said in a statement.
The 10% year-on-year growth in May collection is driven by a strong increase in revenues from domestic transactions (up 15.3%) amid slowing of imports (down 4.3%).
After accounting for refunds, the net GST revenue for May 2024 stood at ₹1.44 lakh crore, reflecting a growth of 6.9% compared to the same period last year.
The gross GST collections in FY25 till May 2024 stood at ₹3.83 lakh crore, which is a 11.3% year-on-year growth, driven by a strong increase in domestic transactions (up 14.2%) and marginal increase in imports (up 1.4%).
After accounting for refunds, the net GST revenue in the FY 2024-25 till May 2024 stood at ₹3.36 lakh crore, reflecting a growth of 11.6 per cent compared to the same period last year.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
