The 10 per cent growth in GST revenue collection was on the back of a 15.3 per cent increase in domestic transactions and 4.3 per cent contraction in imports.
Net GST revenue for May stood at Rs 1.44 lakh crore after accounting for refunds, a 6.9 per cent growth on a yearly basis. Domestic gross GST revenue increased 15.3 per cent in May.
Central GST and State GST collection stood at Rs 32,409 crore and Rs 40,265 crore. Integrated GST collection was Rs 87,781 crore in May, including Rs 39,879 crore collected from imported goods.
The Finance Ministry has so far collected Rs 3.83 lakh crore in FY25 so far, up 11.3 per cent YoY.
The surge in recent GST collections reflects a positive trajectory for India’s economy, underscoring robust domestic consumption and buoyant import activity. The figures bode well for the country’s fiscal health and economic recovery efforts, signaling resilience amidst global uncertainties.
The Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years.
