Goods and Services Tax – GST Dated:- 3-6-2024 – News – ₹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, including ₹39,879 crore collected on imported goods; Cess: ₹12,284 cror
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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, 2024. Chart: Trends in GST Collection Table 1: State-wise growth of GST Revenues during May, 2024 [1]
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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 12% Sikkim 31 26 -15% 84 66 -21% Arunachal Pradesh 60 45 -26% 187 152 -19% Nagaland 21 19 -9% 83 79 -4% Manipur 23 32 35% 77 107 39% Mizoram 21 22 3% 79 77 -3% Tripura 40 36 -9% 135 138 2% Meghalaya 56 52 -7% 158 154 -3% Assam 488 511 5% 1,170 1,280 9% West Bengal 1,952 2,030 4% 3,407 3,628 6% Jharkhand 653 735 13% 976 1,135 16% Odisha 1,255 1,415 13% 1,676 2,068 23% Chhattisgarh 583 661 14% 833 1,033 24% M
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