The nation’s gross GST collections rose to ₹1.73 lakh crore in May, rising 10% yr on yr pushed by elevated revenues from home transactions, the finance ministry stated.
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The nation’s gross GST collections rose to ₹1.73 lakh crore in May, rising 10% yr on yr pushed by elevated revenues from home transactions, the finance ministry stated on Saturday.
GST collections had touched a report excessive of ₹2.10 lakh crore final month.
“The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at ₹1.73 lakh crore,” the ministry stated in an announcement.
The 10% year-on-year progress in May collection is pushed by a powerful enhance in revenues from home transactions (up 15.3%) amid slowing of imports (down 4.3%).
After accounting for refunds, the web GST income for May 2024 stood at ₹1.44 lakh crore, reflecting a progress of 6.9% in contrast to the identical interval final yr.
The gross GST collections in FY25 until May 2024 stood at ₹3.83 lakh crore, which is a 11.3% year-on-year progress, pushed by a powerful enhance in home transactions (up 14.2%) and marginal enhance in imports (up 1.4%).
After accounting for refunds, the web GST income in the FY 2024-25 until May 2024 stood at ₹3.36 lakh crore, reflecting a progress of 11.6 per cent in contrast to the identical interval final yr.
