India’s GST collections rise 10% YoY to ₹1.73 lakh crore in Could 2024

The nation’s gross GST collections rose to Rs 1.73 lakh crore in Could, rising 10 per cent 12 months on 12 months pushed by elevated revenues from home transactions, the finance ministry stated on Saturday.

GST collections had touched a file excessive of Rs 2.10 lakh crore final month.

“The gross Items and Providers Tax (GST) income for the month of Could 2024 stood at Rs 1.73 lakh crore,” the ministry stated in a press release.

The ten per cent year-on-year development in Could assortment is pushed by a robust enhance in revenues from home transactions (up 15.3 per cent) amid slowing of imports (down 4.3 per cent).

After accounting for refunds, the web GST income for Could 2024 stood at Rs 1.44 lakh crore, reflecting a development of 6.9 per cent in comparison with the identical interval final 12 months.

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The gross GST collections in FY25 until Could 2024 stood at Rs 3.83 lakh crore, which is a 11.3 per cent year-on-year development, pushed by a robust enhance in home transactions (up 14.2 per cent) and marginal enhance in imports (up 1.4 per cent).

After accounting for refunds, the web GST income within the FY 2024-25 until Could 2024 stood at Rs 3.36 lakh crore, reflecting a development of 11.6 per cent in comparison with the identical interval final 12 months.