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
\nNet Revenue (after refunds) grows 11.6% in FY 2024-25 (till May 2024)
\nDomestic Gross GST Revenue grows 15.3% in May, 2024
\nThe 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.
\nBreakdown of May 2024 Collections:
\n * Central Goods and Services Tax (CGST): ₹32,409 crore;
\n\tState Goods and Services Tax (SGST): ₹40,265 crore;
\n\tIntegrated Goods and Services Tax (IGST): ₹87,781 crore, i<\/p>\n
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\nIn 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.
\nSimilarly, 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.
\nThe 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<\/p>\n
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\n 2
\n1
\n-39%
\nKerala
\n2,297
\n 2,594
\n13%
\nTamil Nadu
\n8,953
\n 9,768
\n9%
\nPuducherry
\n202
\n 239
\n18%
\nAndaman and Nicobar Islands
\n 31
\n 37
\n18%
\nTelangana
\n4,507
\n 4,986
\n11%
\nAndhra Pradesh
\n3,373
\n 3,890
\n15%
\nLadakh
\n 26
\n 15
\n-41%
\nOther Territory
\n201
\n 207
\n3%
\nCenter Jurisdiction
\n 187
\n 245
\n30%
\nGrand Total
\n 1,14,261
\n1,31,783
\n15%
\nTable-2: SGST & SGST portion of IGST settled to States\/UTs in May (Rs. in crore)
\nPre-Settlement SGST
\nPost-Settlement SGST[2]
\nState\/UT
\nMay-23
\nMay-24
\nGrowth
\nMay-23
\nMay-24
\nGrowth
\nJammu and Kashmir
\n 178
\n 225
\n26%
\n 561
\n 659
\n17%
\nHimachal Pradesh
\n 189
\n 187
\n-1%
\n 435
\n 436
\n0%
\nPunjab
\n 638
\n 724
\n14%
\n1,604
\n1,740
\n8%
\nChandigarh
\n48
\n 54
\n12%
\n 168
\n 178
\n6%
\nUttarakhand
\n 411
\n 476
\n16%
\n 666
\n 714
\n7%
\nHaryana
\n 1,544
\n1,950
\n26%
\n2,568
\n3,025
\n18%
\nDelhi
\n 1,295
\n 1,477
\n14%
\n2,539
\n2,630
\n4%
\nRajasthan
\n1,386
\n1,506
\n9%
\n3,020
\n 3,315
\n10%
\nUttar Pradesh
\n2,384
\n2,736
\n15%
\n5,687
\n6,848
\n20%
\nBihar
\n 623
\n 695
\n11%
\n2,058
\n2,298<\/p>\n
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