Ministry of Finance

Gross GST revenue collection in May 2024 stands at ₹1.73 lakh crore; Records 10% y-o-y growth


₹3.83 lakh crore gross GST revenue collection in FY2024-25 (till May 2024) records 11.3% y-o-y growth

Net Revenue (after refunds) grows 11.6% in FY 2024-25 (till May 2024)

Domestic Gross GST Revenue grows 15.3% in May, 2024

Posted On: 01 JUN 2024 7:03PM by PIB Delhi

The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at ₹1.73 lakh crore. This represents a 10% year-on-year growth, driven by a strong increase in domestic transactions (up 15.3%) and slowing of imports (down 4.3%). After accounting for refunds, the net GST revenue for May 2024 stands at ₹1.44 lakh crore, reflecting a growth of 6.9% compared to the same period last year.

Breakdown of May 2024 Collections:

  • Central Goods and Services Tax (CGST): ₹32,409 crore;
  • State Goods and Services Tax (SGST): ₹40,265 crore;
  • Integrated Goods and Services Tax (IGST): ₹87,781 crore, including ₹39,879 crore collected on imported goods;
  • Cess: ₹12,284 crore, including ₹1,076 crore collected on imported goods.

The gross GST collections in the FY 2024-25 till May 2024 stood at ₹3.83 lakh crore. This represents an impressive 11.3% year-on-year growth, driven by a strong increase in domestic transactions (up 14.2%) and marginal increase in imports (up 1.4%). After accounting for refunds, the net GST revenue in the FY 2024-25 till May 2024 stands at ₹3.36 lakh crore, reflecting a growth of 11.6% compared to the same period last year.

Breakdown of collections in the FY 2024-25 till May, 2024, are as below:

  • Central Goods and Services Tax (CGST): ₹76,255 crore;
  • State Goods and Services Tax (SGST): ₹93,804 crore;
  • Integrated Goods and Services Tax (IGST): ₹1,87,404 crore, including ₹77,706 crore collected on imported goods;
  • Cess: ₹25,544 crore, including ₹2,084 crore collected on imported goods.

Inter-Governmental Settlement:

In the month of May, 2024, the Central Government settled ₹38,519 crore to CGST and ₹32,733 crore to SGST from the net IGST collected of ₹67,204 crore. This translates to a total revenue of ₹70,928 crore for CGST and ₹72,999 crore for SGST in May, 2024, after regular settlement.

Similarly, in the FY 2024-25 till May 2024 the Central Government settled ₹88,827 crore to CGST and ₹74,333 crore to SGST from the net IGST collected of ₹154,671 crore. This translates to a total revenue of ₹1,65,081 crore for CGST and ₹1,68,137 crore for SGST in FY 2024-25 till May 2024 after regular settlement.

The chart below shows trends in monthly gross GST revenues during the current year. Table-1 shows the state-wise figures of GST collected in each State during the month of May, 2024 as compared to May, 2023. Table-2 shows the state-wise figures of post settlement GST revenue of each State for the month of May, 2024.

Chart: Trends in GST Collection

Table 1: State-wise growth of GST Revenues during May, 2024[1]

State/UT

May-23

May-24

Growth (%)

Jammu and Kashmir

422

   525

24%

Himachal Pradesh

828

  838

1%

Punjab

1,744

  2,190

26%

Chandigarh

259

   237

-9%

Uttarakhand

1,431

  1,837

28%

Haryana

7,250

 9,289

28%

Delhi

5,147

7,512

46%

Rajasthan

3,924

  4,414

13%

Uttar Pradesh

7,468

  9,091

22%

Bihar

1,366

1,521

11%

Sikkim

334

   312

-7%

Arunachal Pradesh

120

     98

-18%

Nagaland

   52

     45

-14%

Manipur

   39

     58

48%

Mizoram

   38

     39

3%

Tripura

   75

     73

-3%

Meghalaya

 214

   172

-20%

Assam

 1,217

  1,228

1%

West Bengal

5,162

  5,377

4%

Jharkhand

2,584

 2,700

4%

Odisha

4,398

  5,027

14%

Chhattisgarh

2,525

  2,853

13%

Madhya Pradesh

3,381

 3,402

1%

Gujarat

 9,800

11,325

16%

Dadra and Nagar Haveli and Daman & Diu

324

   375

16%

Maharashtra

23,536

26,854

14%

Karnataka

 10,317

11,889

15%

Goa

523

   519

-1%

Lakshadweep

     2

1

-39%

Kerala

2,297

  2,594

13%

Tamil Nadu

8,953

  9,768

9%

Puducherry

202

  239

18%

Andaman and Nicobar Islands

   31

     37

18%

Telangana

4,507

 4,986

11%

Andhra Pradesh

3,373

 3,890

15%

Ladakh

   26

      15

-41%

Other Territory

201

  207

3%

Center Jurisdiction

 187

   245

30%

Grand Total

       1,14,261

1,31,783

15%

 

Table-2: SGST & SGST portion of IGST settled to States/UTs in

May (Rs. in crore)

 

Pre-Settlement SGST

Post-Settlement SGST[2]

State/UT

May-23

May-24

Growth

May-23

May-24

Growth

Jammu and Kashmir

  178

 225

26%

  561

 659

17%

Himachal Pradesh

 189

  187

-1%

 435

 436

0%

Punjab

 638

 724

14%

1,604

1,740

8%

Chandigarh

48

 54

12%

 168

  178

6%

Uttarakhand

  411

 476

16%

 666

  714

7%

Haryana

 1,544

1,950

26%

2,568

3,025

18%

Delhi

 1,295

 1,477

14%

2,539

2,630

4%

Rajasthan

1,386

1,506

9%

3,020

 3,315

10%

Uttar Pradesh

2,384

2,736

15%

5,687

6,848

20%

Bihar

 623

 695

11%

2,058

2,298

12%

Sikkim

 31

26

-15%

84

66

-21%

Arunachal Pradesh

60

 45

-26%

  187

  152

-19%

Nagaland

 21

 19

-9%

83

 79

-4%

Manipur

23

32

35%

 77

 107

39%

Mizoram

 21

22

3%

 79

 77

-3%

Tripura

40

36

-9%

  135

 138

2%

Meghalaya

 56

 52

-7%

  158

  154

-3%

Assam

 488

  511

5%

 1,170

1,280

9%

West Bengal

 1,952

2,030

4%

3,407

3,628

6%

Jharkhand

 653

 735

13%

 976

 1,135

16%

Odisha

 1,255

 1,415

13%

 1,676

2,068

23%

Chhattisgarh

 583

 661

14%

 833

1,033

24%

Madhya Pradesh

 987

1,028

4%

2,580

 2,555

-1%

Gujarat

 3,371

3,526

5%

 5,156

5,233

2%

Dadra and Nagar Haveli and Daman and Diu

 47

 58

23%

92

80

-13%

Maharashtra

 7,621

 8,711

14%

10,952

12,397

13%

Karnataka

3,022

3,441

14%

5,704

6,062

6%

Goa

 182

 190

4%

 324

 321

-1%

Lakshadweep

   0

    1

478%

   7

   5

-35%

Kerala

1,040

1,209

16%

2,387

2,497

5%

Tamil Nadu

 3,101

3,530

14%

4,829

6,014

25%

Puducherry

36

 41

13%

99

 106

7%

Andaman and Nicobar Islands

 15

 18

17%

 41

44

5%

Telangana

1,448

1,636

13%

3,024

3,239

7%

Andhra Pradesh

1,048

1,240

18%

 2,116

2,597

23%

Ladakh

 14

   8

-43%

34

24

-27%

Other Territory

 16

 17

8%

83

66

-20%

Grand Total

35,828

40,265

12%

65,597

72,999

11%

****

NB/KMN



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