GST Collections Surge 10% in May, Hit Rs 1.73 Lakh Crore

The country's gross GST collections surged to Rs 1.73 lakh crore in May, marking a 10% year-on-year growth due to increased domestic transactions. Despite a record high of Rs 2.10 lakh crore last month, the net GST revenue stood at Rs 1.44 lakh crore for May 2024.

In a significant economic development, the country's gross GST collections for May climbed to Rs 1.73 lakh crore, exhibiting a robust 10% year-over-year increase. This surge has been primarily attributed to heightened revenues from domestic transactions, which soared by 15.3%, as reported by the Finance Ministry on Saturday.

The GST collections had previously hit an unprecedented peak of Rs 2.10 lakh crore just last month. For May 2024, net GST revenue, after accounting for refunds, was recorded at Rs 1.44 lakh crore, reflecting a 6.9% growth compared to the same period last year.

In the fiscal year 2024-25 up to May, gross GST collections reached Rs 3.83 lakh crore, demonstrating an 11.3% year-on-year growth driven by a 14.2% rise in domestic transactions and a slight 1.4% increase in imports. The net GST revenue for this period was Rs 3.36 lakh crore, up by 11.6% from the previous year.