The breakdown of May 2024 collections is as follows:
- Central Goods and Services Tax (
CGST ): Rs 32,409 crore - State Goods and Services Tax (
SGST ): Rs 40,265 crore - Integrated Goods and Services Tax (
IGST ): Rs 87,781 crore, together with Rs 39,879 crore collected on imported items - Cess: Rs 12,284 crore, together with Rs 1,076 crore collected on imported items.
In the fiscal 12 months 2024-25, up to May 2024, the gross GST collections reached Rs 3.83 lakh crore, demonstrating a major 11.3% year-on-year development. This development was pushed by a sturdy improve in home transactions (14.2%) and a slight improve in imports (1.4%). The web GST income for this era, after accounting for refunds, stood at Rs 3.36 lakh crore, reflecting an 11.6% development in comparison with the earlier 12 months.
The breakdown of collections within the FY 2024-25 until May 2024 is as follows:
- Central Goods and Services Tax (CGST): Rs 76,255 crore
- State Goods and Services Tax (SGST): Rs 93,804 crore
- Integrated Goods and Services Tax (IGST): Rs 1,87,404 crore, together with Rs 77,706 crore collected on imported items
- Cess: Rs 25,544 crore, together with Rs 2,084 crore collected on imported items.
In May 2024, the Central Government settled Rs 38,519 crore to CGST and Rs 32,733 crore to SGST from the web IGST collected of Rs 67,204 crore. This resulted in a complete income of Rs 70,928 crore for CGST and Rs 72,999 crore for SGST in May 2024, after the common settlement.
Similarly, within the FY 2024-25 up to May 2024, the Central Government settled Rs 88,827 crore to CGST and Rs 74,333 crore to SGST from the web IGST collected of Rs 154,671 crore. This led to a complete income of Rs 1,65,081 crore for CGST and Rs 1,68,137 crore for SGST within the fiscal 12 months 2024-25 up to May 2024, after the common settlement.
