New Delhi, 01 June (H.S.): India’s Goods and Services Tax (GST) revenue collection registered growth in May, with gross GST receipts rising 3.2 per cent year-on-year to more than Rs.1.94 lakh crore. In May last year, gross GST revenue collection stood at Rs.1.88 lakh crore.

According to data released on Monday by the Directorate General of GST Intelligence, the increase in GST revenue was driven by improved supply of goods and services, along with sustained growth in tax collections from imports.

The data showed that during May, Central GST (CGST) collections from domestic transactions stood at Rs.37,397 crore, while State GST (SGST) collections amounted to Rs.45,143 crore. Integrated GST (IGST) collections during the month were recorded at Rs.51,990 crore.

According to the figures, the supply of taxable goods registered a growth of 26.9 per cent during the period, reflecting robust domestic demand. Growth in the services sector stood at 22.2 per cent, indicating continued strength in domestic consumption.

Similarly, IGST collections from imports increased by 19.1 per cent year-on-year to Rs.59,654 crore in May, signalling an expansion in industrial capacity and economic activity.

In addition, GST refunds during the period rose by 2.6 per cent to Rs.27,281 crore.

After adjusting for refunds, net GST revenue collection for May increased by 3.3 per cent to approximately Rs.1.67 lakh crore.

Earlier, in April, GST revenue collection had surged 8.7 per cent year-on-year to reach an all-time high of Rs.2.43 lakh crore.

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Hindusthan Samachar / Jun Sarkar