The Central government has announced that the Goods and Services Tax (GST) collections for May reached an impressive Rs 1.73 lakh crore, marking a robust 10 percent growth compared to the same period last year. This growth trajectory was attributed to a notable surge in domestic transactions, coupled with a slowdown in imports.
Looking at the broader picture, the gross GST collections for the fiscal year 2024-25, up to May, amounted to Rs 3.83 lakh crore, demonstrating a commendable 11.3 percent year-on-year increase, as disclosed by the Ministry of Finance.
Upon factoring in refunds, the net GST revenue for the fiscal year up to May 2024 stood at Rs 3.36 lakh crore, reflecting an encouraging growth of 11.6 percent compared to the corresponding period in the previous year.
For the month of May, post-refund adjustments, the net GST revenue reached Rs 1.44 lakh crore, showcasing a steady growth of 6.9 percent compared to the same period last year.
Breaking down the figures, the central Goods and Services Tax (CGST) amounted to Rs 32,409 crore, while the state GST stood at Rs 40,265 crore, with integrated IGST reaching Rs 87,781 crore, inclusive of Rs 39,879 crore from imported goods, according to the ministry's data.
Additionally, the Cess collection totaled Rs 12,284 crore, inclusive of Rs 1,076 crore garnered from imported goods.
Further examining the fiscal year up to May 2024, CGST amounted to Rs 76,255 crore, SGST reached Rs 93,804 crore, IGST stood at Rs 1,87,404 crore, and Cess totaled Rs 25,544 crore.
Regarding the disbursement, in May, the government allocated Rs 38,519 crore to CGST and Rs 32,733 crore to SGST from the net IGST collection of Rs 67,204 crore, culminating in total revenues of Rs 70,928 crore for CGST and Rs 72,999 crore for SGST after standard settlements.
Similarly, for the fiscal year up to May 2024, the Central government disbursed Rs 88,827 crore to CGST and Rs 74,333 crore to SGST from the net IGST collection of Rs 154,671 crore, resulting in total revenues of Rs 1,65,081 crore for CGST and Rs 1,68,137 crore for SGST.
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