Gross GST revenue collection in May 2024 stands at 1.73 lakh crore; Records 10% y-o-y growth
GST
Dated:- 3-6-2024
₹3.83 lakh crore gross GST revenue collection in FY2024-25 (till May 2024) records 11.3% y-o-y growth
Net Revenue (after refunds) grows 11.6% in FY 2024-25 (till May 2024)
Domestic Gross GST Revenue grows 15.3% in May, 2024
The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at ₹1.73 lakh crore. This represents a 10% year-on-year growth, driven by a strong increase in domestic transactions (up 15.3%) and slowing of imports (down 4.3%). After accounting for refunds, the net GST revenue for May 2024 stands at ₹1.44 lakh crore, reflecting a growth of 6.9% compared to the same period last year.
Breakdown of May 2024 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, i
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ter-Governmental Settlement:
In the month of 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 translates to a total revenue of ₹70,928 crore for CGST and ₹72,999 crore for SGST in May, 2024, after regular settlement.
Similarly, in the FY 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 translates 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 chart below shows trends in monthly gross GST revenues during the current year. Table-1 shows the state-wise figures of GST collected in each State during the month of May, 2024 as compared to May, 2023. Table-2 shows the state-wise figures of post settlement GST revenue of each State for the month of May, 2
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p
2
1
-39%
Kerala
2,297
2,594
13%
Tamil Nadu
8,953
9,768
9%
Puducherry
202
239
18%
Andaman and Nicobar Islands
31
37
18%
Telangana
4,507
4,986
11%
Andhra Pradesh
3,373
3,890
15%
Ladakh
26
15
-41%
Other Territory
201
207
3%
Center Jurisdiction
187
245
30%
Grand Total
1,14,261
1,31,783
15%
Table-2: SGST & SGST portion of IGST settled to States/UTs in May (Rs. in crore)
Pre-Settlement SGST
Post-Settlement SGST[2]
State/UT
May-23
May-24
Growth
May-23
May-24
Growth
Jammu and Kashmir
178
225
26%
561
659
17%
Himachal Pradesh
189
187
-1%
435
436
0%
Punjab
638
724
14%
1,604
1,740
8%
Chandigarh
48
54
12%
168
178
6%
Uttarakhand
411
476
16%
666
714
7%
Haryana
1,544
1,950
26%
2,568
3,025
18%
Delhi
1,295
1,477
14%
2,539
2,630
4%
Rajasthan
1,386
1,506
9%
3,020
3,315
10%
Uttar Pradesh
2,384
2,736
15%
5,687
6,848
20%
Bihar
623
695
11%
2,058
2,298
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