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TMI BlogGross GST revenue collection in May 2024 stands at ₹1.73 lakh crore; Records 10% y-o-y growthX X X X Extracts X X X X X X X X Extracts X X X X ..... Gross GST revenue collection in May 2024 stands at ₹1.73 lakh crore; Records 10% y-o-y growth - 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 G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oods 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 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 crore, including ₹1,076 crore collected on imported goods. The gross GST collections in the FY 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 24-25 till May 2024 stood at ₹3.83 lakh crore. This represents an impressive 11.3% year-on-year growth, driven by a strong increase in domestic transactions (up 14.2%) and marginal increase in imports (up 1.4%). After accounting for refunds, the net GST revenue in the FY 2024-25 till May 2024 stands at ₹3.36 lakh crore, reflecting a growth of 11.6% compared to the same period last year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Breakdown of collections in the FY 2024-25 till May, 2024, are as below: Central Goods and Services Tax (CGST): ₹76,255 crore; State Goods and Services Tax (SGST): ₹93,804 crore; Integrated Goods and Services Tax (IGST): ₹1,87,404 crore, including ₹77,706 crore collected on imported goods; Cess: ₹25,544 crore, including ₹2,084 crore collected on imported goods ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Inter-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 Go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vernment 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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] State/UT May-23 May-24 Growth (%) Jammu and Kashmir 422 525 24% Himachal Pradesh 828 838 1% Punjab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,744 2,190 26% Chandigarh 259 237 -9% Uttarakhand 1,431 1,837 28% Haryana 7,250 9,289 28% Delhi 5,147 7,512 46% Rajasthan 3,924 4,414 13% Uttar Pradesh 7,468 9,091 22% Bihar 1,366 1,521 11% Sikkim 334 312 -7% Arunachal Pradesh 120 98 -18% Nagaland 52 45 -14% Manipur 39 58 48% Mizoram 38 39 3% Tripura 75 73 -3% Meghalaya 214 172 -20% Assam 1,217 1,228 1% West Bengal 5,162 5,377 4% Jharkhand 2,584 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2,700 4% Odisha 4,398 5,027 14% Chhattisgarh 2,525 2,853 13% Madhya Pradesh 3,381 3,402 1% Gujarat 9,800 11,325 16% Dadra and Nagar Haveli and Daman Diu 324 375 16% Maharashtra 23,536 26,854 14% Karnataka 10,317 11,889 15% Goa 523 519 -1% Lakshadweep 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% And ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hra 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% Punj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ab 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% Manip ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ur 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% Madhya Pradesh 987 1,028 4% 2,580 2,555 -1% Gujarat 3,371 3,526 5% 5,156 5,233 2% Dadra and Nagar Ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... veli and Daman and Diu 47 58 23% 92 80 -13% Maharashtra 7,621 8,711 14% 10,952 12,397 13% Karnataka 3,022 3,441 14% 5,704 6,062 6% Goa 182 190 4% 324 321 -1% Lakshadweep 0 1 478% 7 5 -35% Kerala 1,040 1,209 16% 2,387 2,497 5% Tamil Nadu 3,101 3,530 14% 4,829 6,014 25% Puducherry 36 41 13% 99 106 7% Andaman and Nicobar Islands 15 18 17% 41 44 5% Telangana 1,448 1,636 13% 3,024 3,239 7% Andhra Prade ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sh 1,048 1,240 18% 2,116 2,597 23% Ladakh 14 8 -43% 34 24 -27% Other Territory 16 17 8% 83 66 -20% Grand Total 35,828 40,265 12% 65,597 72,999 11% - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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