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.
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