GST The collection is continuously increasing. Gross Goods and Services Tax (GST) collection has increased by 16.4 percent to more than Rs 2.01 lakh crore in May. This information was given in the government data released on Sunday. Earlier, in April, the GST collection had reached its all -time high of Rs 2.37 lakh crore so far. In May, the total GST revenue increased by 13.7 percent to about Rs 1.50 lakh crore due to domestic transactions. While GST collection increased by 25.2 percent to Rs 51,266 crore from imports.
Central GST revenue was Rs 35,434 crore
In May, the total central GST revenue was Rs 35,434 crore, the state GST revenue was Rs 43,902 crore and the integrated GST collection was around Rs 1.09 lakh crore. Revenue from cess was Rs 12,879 crore. In May, 2024, the GST collection was Rs 1,72,739 crore. Meanwhile, the total refund declined by four percent to Rs 27,210 crore during the month. The net GST collection during the month was about Rs 1.74 lakh crore with an annual increase of 20.4 percent.
The highest growth from these states
Deloite India partner MS Mani said that the difference in increase in GST collection in states is being seen on a wide basis. In such a situation, there is a need to do intensive analysis of such areas in each state, which are important to him. Large states like Maharashtra, West Bengal, Karnataka and Tamil Nadu have registered a growth of 17 percent to 25 percent in the collection, while big states like Gujarat, Andhra Pradesh and Telangana have shown an increase of up to six percent. In some states like Madhya Pradesh, Haryana, Punjab and Rajasthan, GST collection has increased by an average of 10 percent. Mani said, “Therefore, the average growth across the country is not equally reflected in states due to regional or seasonal factors, which require intensive data -based analysis.”
Latest business news
