GST Collections Grow 12% To Rs 1.57 Lakh Crore In May
This is the fifth time the collections have been above Rs 1.5 lakh crore since inception.
The goods and services tax collections stayed above the Rs 1.5 lakh crore mark in May.
The gross GST collections in May for transactions in April stood at Rs 1,57,090 crore, an increase of 12% over a year earlier, according to data released by the Ministry of Finance on Thursday.
The collections mark the revenue of the first month in fiscal 2024 and follow the all-time monthly high of Rs 1.87 lakh crore in March, which benefited from a fiscal end boom.
This is the fifth time the collections have been above Rs 1.5 lakh crore since inception.
GST data is released with a month's lag and pertains to transactions over the preceding month.
Break-up Of GST Collection
Gross GST revenue: Rs 1,57,090 crore.
Central GST: Rs 28,411 crore.
State GST: Rs 35,828 crore.
Integrated GST: Rs 81,363 crore, including Rs 41,772 crore collected on imports of goods.
Cess: Rs 11,489 crore, including Rs 1,057 crore collected on the import of goods.
According to the release, revenue from the import of goods was 12% higher during the month, and revenue from domestic transactions, including the import of services, was 11% higher as compared with revenue from these sources during the same month last year.
Statewise Trends
Statewise collections indicate that Maharashtra, followed by Karnataka, retained their positions as top-earning states.
Maharashtra registered a 16% growth in collections at Rs 23,536 crore. Karnataka collected Rs 10,317 crore, a 12% jump from the previous year’s collection for the same month.
In terms of volume of collections in May, other key earning states include Gujarat (Rs 9,800 crore), Tamil Nadu (Rs 8,953 crore), Uttar Pradesh (Rs 7,468 crore), and Haryana (Rs 7,250 crore).
Punjab and Chhattisgarh have recorded negative growth in their collections in comparison with last May. Manipur saw the highest drop in growth, decreasing 17%.