GST


India’s Gross Goods and Services Tax (GST) revenue for May 2024 reached an impressive ₹1.73 lakh crore, marking a significant 10% year-on-year increase. This growth is attributed to a robust 15.3% rise in domestic transactions, despite a 4.3% decline in imports. Post-refunds, the net GST revenue for May 2024 is ₹1.44 lakh crore, showing a 6.9% increase from the previous year.

Detailed Breakdown for May 2024

  • Central GST (CGST): ₹32,409 crore
  • State GST (SGST): ₹40,265 crore
  • Integrated GST (IGST): ₹87,781 crore (including ₹39,879 crore from imports)
  • Cess: ₹12,284 crore (including ₹1,076 crore from imports)

In fiscal year 2024-25, up to May 2024, the gross GST collection totaled ₹3.83 lakh crore, reflecting an 11.3% year-on-year growth. This increase is driven by a 14.2% surge in domestic transactions and a 1.4% rise in imports. Net GST revenue after refunds stood at ₹3.36 lakh crore, up 11.6% from the previous year.

Breakdown for FY 2024-25 till May 2024

  • Central GST (CGST): ₹76,255 crore
  • State GST (SGST): ₹93,804 crore
  • Integrated GST (IGST): ₹1,87,404 crore (including ₹77,706 crore from imports)
  • Cess: ₹25,544 crore (including ₹2,084 crore from imports)

Inter-Governmental Settlement
In May 2024, the Central Government allocated ₹38,519 crore to CGST and ₹32,733 crore to SGST from the net IGST collection of ₹67,204 crore. Consequently, total revenues after regular settlements amounted to ₹70,928 crore for CGST and ₹72,999 crore for SGST in May 2024.

Also Read | GST: Reshaping Indirect Taxation through Digital Governance

For FY 2024-25 up to May 2024, the government settled ₹88,827 crore to CGST and ₹74,333 crore to SGST from the net IGST collection of ₹154,671 crore. This brought total revenues to ₹1,65,081 crore for CGST and ₹1,68,137 crore for SGST after settlements.

 

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