Gross GST revenue collection in May 2024 stands at ₹1.73 lakh crore; Records 10% y-o-y growth

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%