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Informative

GST Collection For May At Rs 1.73 Lakh Crore, Up 10% YoY

Update / Judgement Date

03 Jun 2024

Source

MSN

Author

Team — WCP Legal Desk

Reading Time

1 min read

GST

The Goods and Services Tax (GST) collections for May totaled Rs 1.73 lakh crore, marking a 10% year-on-year growth, driven by increased domestic transactions and reduced imports, as per the Ministry of Finance. FY2024-25's gross GST collections till May reached Rs 3.83 lakh crore, with a 11.3% growth. \r


After refunds, net GST revenue for the same period stood at Rs 3.36 lakh crore, reflecting an 11.6% growth. May's net GST revenue was Rs 1.44 lakh crore, up by 6.9% from last year. CGST for May was Rs 32,409 crore, SGST Rs 40,265 crore, and IGST Rs 87,781 crore. \r


The government settled Rs 38,519 crore to CGST and Rs 32,733 crore to SGST from the net IGST collected in May.