India’s Goods and Services Tax (GST) collections continued their upward trajectory in May, rising 16.4% year-on-year to ₹2.01 lakh crore, according to government data. This follows April’s record-breaking GST revenue of ₹2.37 lakh crore, marking back-to-back months of strong tax collections.
Key Highlights:
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Domestic Transactions: Revenue from domestic transactions grew 13.7%, totaling approximately ₹1.50 lakh crore.
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GST from Imports: Collections from imports surged 25.2%, reaching ₹51,266 crore, indicating robust trade activity.
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Breakdown of Revenue: May’s gross GST revenue includes ₹35,434 crore from Central GST (CGST), ₹43,902 crore from State GST (SGST), and ₹1.09 lakh crore from Integrated GST (IGST). Additionally, ₹12,879 crore was collected through the GST compensation cess.
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Refunds Decline: Total refunds issued in May fell 4% to ₹27,210 crore, while net GST revenue—after accounting for refunds—stood at ₹1.74 lakh crore, reflecting a 20.4% growth compared to May 2024.
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State-Wise Variations: While major states like Maharashtra, West Bengal, Karnataka, and Tamil Nadu reported 17% to 25% growth, others like Gujarat, Andhra Pradesh, and Telangana saw more modest increases of up to 6%.
Experts suggest that sector-specific and seasonal factors may be influencing the variations in GST collections across states, warranting deeper analysis.
Sources: Telangana Today, India TV News, Economic Times