In a modern improvement, India’s gross GST collections rose to Rs 1.73 lakh crore in May, registering a ten per cent year-on-year development pushed by augmented revenues from home transactions, the finance ministry acknowledged on Saturday.
The 10 per cent year-on-year development in May assortment is pushed by a powerful improve in revenues from home transactions (up 15.3 per cent) amid slowing of imports (down 4.3 per cent), the assertion stated.
Moreover, after accounting for refunds, the online GST income settled at Rs 1.44 lakh crore for May 2024. After refund assortment displays a development of 6.9 per cent in comparison with the identical interval final yr.
Gross assortment in FY25 rises to Rs. 3.83 lakh crore
Meanwhile, the gross GST collections in monetary yr 2025 until May 2024 stood at Rs 3.83 lakh crore. The determine exhibits 11.3 per cent year-on-year development, pushed by a powerful improve in home transactions (up 14.2 per cent) and marginal improve in imports (up 1.4 per cent).
After accounting for refunds, the online GST income within the monetary yr 2025 stood at Rs 3.36 lakh crore until May 2024 , reflecting a development of 11.6 per cent in comparison with the identical interval final yr.
GST assortment declines from final month record-high
However, the gathering is considerably lower than what it was final month. In an announcement, the finance ministry stated, “GST collections had touched a record high of Rs 2.10 lakh crore last month.” In April 2024, web GST assortment was recorded at Rs. 2.10 lakh crore which was rising 12.4 per cent on year-on-year foundation.
The development in April 2024 was pushed by a 13.4 per cent development in home transactions and eight.3 per cent development in imports. “The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at Rs 2.10 lakh crore. This represents a significant 12.4 per cent year-on-year growth, driven by a strong increase in domestic transactions (up 13.4 per cent) and imports (up 8.3 per cent),” the finance ministry had stated.
(With PTI Inputs)
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Source: www.indiatvnews.com
