03-Jun-2024
2 mins read
In May, the Goods and Services Tax (GST) collection was Rs 1.73 lakh crore, which is around a 10% increase on an annual basis. The 10% growth in the GST revenue collection is derived from a 15.3% increase in domestic transactions. However, a 4.3% contraction in imports is also visible.
However, in April, the GST collection topped Rs 2.1 lakh crore, a minor decline from the record high levels.
As per the finance ministry, Net GST revenue for May stood at Rs 1.44 lakh crore after accounting of refunds, a 6.9% growth on a yearly basis. Domestic gross GST revenue increased 15.3% in May.
CGST, SGST and IGST Collection
The central GST collection stood at Rs 32,409 crore and the State GST collection stood at Rs 40,265 crore. The Integrated GST collection for May at Rs 87,781 crore including Rs 39,879 crore collected from imported goods.
In total, the Finance Ministry collected Rs 3.83 crore in FY25, up by 11.3% year-on-year. The surge in GST collection reflects a positive trajectory for the country’s economy. Growth is boosted by domestic consumption, up by 14.2%, and marginal increase in imports, up 1.4%.
India’s Fiscal Deficit Update
India’s fiscal deficit stood at Rs 16.54 crore in FY24 as against the budgetary target of Rs 17.86 crore. The central government fiscal deficit stood at Rs 5.6% of GDP in FY24, the net tax receipts for FY24 were higher than projected at Rs 23.27 lakh crore. Meanwhile, the total expenditure came at Rs 44.43 lakh crore.