GST Collection in May 2024
In May 2024, the gross GST collection in India reached a remarkable ₹1.73 lakh crore, representing a robust 10% year-on-year increase. This growth is primarily fueled by a 15.3% rise in domestic transactions, while imports saw a decline of 4.3%. After accounting for refunds, the net GST revenue for May 2024 stands at ₹1.44 lakh crore, which is a 6.9% increase compared to the same period last year.
Detailed Breakdown of May 2024 GST Collections:
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
Fiscal Year 2024-25 GST Collections Impress with 11.3% Growth Till May 2024
For the fiscal year 2024-25 up to May 2024, the gross GST collections amounted to ₹3.83 lakh crore, showing an impressive 11.3% year-on-year growth. This increase is driven by a 14.2% rise in domestic transactions and a marginal 1.4% increase in imports. After refunds, the net GST revenue stands at ₹3.36 lakh crore, reflecting an 11.6% growth compared to the same period last year.
Detailed Breakdown of FY 2024-25 GST Collections Till 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
Inter-Governmental Settlement
(i) May 2024 Settlements:
In May 2024, the Central Government settled ₹38,519 crore to CGST and ₹32,733 crore to SGST from the net IGST of ₹67,204 crore. Consequently, the total revenue for May 2024, after regular settlement, stands at:
CGST: ₹70,928 crore
SGST: ₹72,999 crore
(ii) FY 2024-25 Settlements Till May 2024:
For the fiscal year 2024-25 up to May 2024, the Central Government settled ₹88,827 crore to CGST and ₹74,333 crore to SGST from the net IGST of ₹1,54,671 crore. This brings the total revenue for this period to:
CGST: ₹1,65,081 crore
SGST: ₹1,68,137 crore
The charts below illustrate the monthly gross GST revenue trends for the current year.
Stay informed with the latest GST collection updates and analysis. This substantial growth underscores the strong performance of the domestic market and the effective implementation of GST policies in India.
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