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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
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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% |