Team Blitz India
NEW DELHI: The Gross Goods and Services tax (GST) collections rose 10 per cent year-on-year to Rs 1.73 lakh crore in May (for sales in April), data released by the Finance Ministry on Saturday showed. The growth rate of GST collections moderated from over 11 per cent year-on-year rate seen during the last three months and is the lowest since June 2021. GST collections had hit a record-high level of Rs 2.10 lakh crore in April (for year-end sales in March).
The rise in GST collections was mainly driven by a strong increase in domestic transactions”, which increased by 15.3 per cent as against 13.4 per cent growth rate in April. However, the contribution from imports slowed as it contracted 4.3 per cent as against growth of 8.3 per cent seen a month ago. After accounting for refunds, the net GST revenue for May stood at Rs 1.44 lakh crore, up 6.9 per cent year-on-year but lower than Rs 1.92 lakh crore seen in April when it recorded an increase of 15.5 per cent.
Cumulatively, the gross GST collections in FY25 till May stood at Rs 3.83 lakh crore, an increase of 11.3 per cent year-on-year growth, “driven by a strong increase in domestic transactions (up 14.2 per cent) and marginal increase in imports (up 1.4 per cent)”, the Ministry said. After accounting for refunds, the net GST revenue in FY25 till May stood at Rs 3.36 lakh crore, a growth of 11.6 per cent compared to the same period last year.
