Gross GST revenues rise 3.2% to over Rs 1.94 lakh crore in May
Key points
- Gross Goods and Services Tax (GST) collections rose 3.2% year-on-year to over Rs 1.94 lakh crore in May, reported PTI.The collections moderated from a record Rs 2.42 lakh crore in April but remained higher than the Rs 1.88 lakh crore collected in May last year.
- Net GST revenue increased 3.3% to Rs 1.67 lakh crore during the month, compared with Rs 1.62 lakh crore a year ago.The growth in collections continued to be driven by imports.
- Gross GST revenue from imports increased 19.1% year-on-year to Rs 59,654 crore in May, while gross domestic revenue declined 2.6% to Rs 1.35 lakh crore.
- On a net basis, customs GST collections rose 19.7% to Rs 49,403 crore, whereas net domestic revenue fell 2.3% to Rs 1.18 lakh crore.Total refunds stood at Rs 27,281 crore in May, up 2.6% from the year-ago period.
- Cumulative refunds for the financial year so far rose 10.9% to...
Quick Summary
Gross Goods and Services Tax (GST) collections rose 3.2% year-on-year to over Rs 1.94 lakh crore in May, reported PTI.The collections moderated from a record
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This development is important because it may impact public opinion, policy decisions, and future developments related to Gross GST revenues rise 3.2% to over Rs 1.94 lakh crore in M.
Key Takeaways
- Gross Goods and Services Tax (GST) collections rose 3.2% year-on-year to over Rs 1.94 lakh crore in May, reported PTI.The collections moderated from a record Rs 2.42 lakh crore in April but remained higher than the Rs 1.88 lakh crore collected in May last year.
- Net GST revenue increased 3.3% to Rs 1.67 lakh crore during the month, compared with Rs 1.62 lakh crore a year ago.The growth in collections continued to be driven by imports.
- Gross GST revenue from imports increased 19.1% year-on-year to Rs 59,654 crore in May, while gross domestic revenue declined 2.6% to Rs 1.35 lakh crore.
- On a net basis, customs GST collections rose 19.7% to Rs 49,403 crore, whereas net domestic revenue fell 2.3% to Rs 1.18 lakh crore.Total refunds stood at Rs 27,281 crore in May, up 2.6% from the year-ago period.
- Cumulative refunds for the financial year so far rose 10.9% to Rs 59,063 crore, according to ET.For the first two months of FY27, gross GST collections rose 6.2% to Rs 4.37 lakh crore, while net GST revenue increased 5.5% to Rs 3.78 lakh crore.
📌 Source: Times of India
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