GST Collections Increase by 10% to ₹1.75 Lakh Crore in August
In May 2024, the gross Goods and Services Tax (GST) revenue reached ₹1.73 lakh crore, marking a notable 10% year-on-year growth. This surge was primarily fueled by a robust uptick in domestic transactions, which rose by 15.3%, while imports experienced a slight decline of 4.3%. The net GST revenue for May 2024, after factoring in refunds, amounted to ₹1.44 lakh crore, showcasing a growth of 6.9% compared to the same period last year.
For the fiscal year 2024-25 till May 2024, the gross GST collections stood at ₹3.83 lakh crore, demonstrating a commendable 11.3% year-on-year growth. This growth trajectory was driven by a substantial increase in domestic transactions, rising by 14.2%, coupled with a marginal uptick in imports, which increased by 1.4%. After adjusting for refunds, the net GST revenue in the aforementioned period amounted to ₹3.36 lakh crore, reflecting a robust growth of 11.6% compared to the corresponding period in the previous fiscal year.
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, post regular settlement. Similarly, for the fiscal year 2024-25 till May 2024, the Central Government settled ₹88,827 crore to CGST and ₹74,333 crore to SGST from the net IGST collected of ₹154,671 crore. This translated to a total revenue of ₹1,65,081 crore for CGST and ₹1,68,137 crore for SGST in FY 2024-25 till May 2024 after regular settlement.
The FIFA World Cup 2026 is set to become the biggest and most financially rewarding…
The Indian Council of Agricultural Research (ICAR) has launched the 'Oilseeds Kisaan Mitra' which is…
Jaspal Rana who was country's one of the greatest shooters and most respected coaches, he…
1. Oilseeds Kisaan Mitra – India’s First WhatsApp AI Advisory Overview ICAR introduced Oilseeds Kisaan…
As India may not be a regular participant at the FIFA World Cup Competition but…
The World Day Against Child Labour is observed worldwide every year on 12th of June…