GST Collection Rises 10% To Rs 1.73 Lakh Crore In May

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The gross Goods and Services Tax (GST) revenue for the month of May this year stood at 1.73 lakh crore rupees. Ministry of Finance in a statement said that this represents a 10 per cent year-on-year growth. Out of the total collection in the month of May, Central Goods and Services Tax is over 32,000 crore rupees, State Goods and Services Tax is over 40,000 crore rupees, Integrated Goods and Services Tax is over 87,781 crore rupees and cess is over 12 thousand crore rupees. The Ministry added that after accounting for refunds, the net GST revenue for the last month stands at 1.44 lakh crore rupees, reflecting a growth of 6.9 per cent compared to the same period last year.
The Ministry further informed that the gross GST collections in the financial year 2024-25 stood at 3.83 lakh crore rupees. This represents an impressive 11.3 per cent year-on-year growth, driven by a strong increase in domestic transactions and marginal increase in imports.

Disclaimer: This press release is sourced from News On AIR, Prasar Bharti and Press Information Bureau India (PIB).

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