GST Collection In May Grows Up By 10 Percent Year On Year To Rs 1.73 Lakh Crore

The gross Goods and Services Tax (GST) revenue for the month of May this year stood at one lakh and 73 thousand 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 thousand crore rupees, State Goods and Services Tax is over 40  thousand crore rupees, Integrated Goods and Services Tax is over 87 thousand and 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 one lakh 44 thousand  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 lakh and  83 thousand 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.