GST Collections Surge: Record-Breaking Revenues in May

In May, GST collections increased by 16.4% to over Rs 2.01 lakh crore, following a record high in April. Domestic GST revenues rose by 13.7% and imports by 25.2%. Variations in growth across states suggest sectoral and seasonal factors require further analysis, experts say.

Gross GST collections have soared by 16.4% to over Rs 2.01 lakh crore in May, according to official government figures released on Sunday. This growth comes after a record-setting GST collection in April, where revenues reached an unprecedented Rs 2.37 lakh crore.

The breakdown for May's GST revenues shows that domestic transactions contributed approximately Rs 1.50 lakh crore, marking a 13.7% rise, while import-related GST surged by 25.2% to Rs 51,266 crore. The month's gross Central GST revenues hit Rs 35,434 crore, State GST at Rs 43,902 crore, and Integrated GST around Rs 1.09 lakh crore. Cess revenues were reported at Rs 12,879 crore.

Deloitte India Partner, M S Mani, highlighted that the growth in GST collections varied across states, with large states like Maharashtra and Karnataka seeing increases from 17% to 25%, whereas others like Gujarat and Andhra Pradesh registered only up to 6%. This uneven growth could be influenced by sectoral or seasonal factors, necessitating further data-driven analysis.

(With inputs from agencies.)