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% |
Also Check: Penalty for failure to register certain machines under section 122A.
