GST Revenue for May 2024 Hits ₹1.73 Lakh Crore, Shows 10% YoY Growth

The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at ₹1.73 lakh crore. This represents a 10% year-on-year growth, driven by a strong increase in domestic transactions (up 15.3%) and slowing of imports (down 4.3%). After accounting for refunds, the net GST revenue for May 2024 stands at ₹1.44 lakh crore, reflecting a growth of 6.9% compared to the same period last year.
Breakdown of May 2024 Collections:

Central Goods and Services Tax (CGST): ₹32,409 crore;
State Goods and Services Tax (SGST): ₹40,265 crore;
Integrated Goods and Services Tax (IGST): ₹87,781 crore, including ₹39,879 crore collected on imported goods;
Cess: ₹12,284 crore, including ₹1,076 crore collected on imported goods.

The gross GST collections in the FY 2024-25 till May 2024 stood at ₹3.83 lakh crore. This represents an impressive 11.3% year-on-year growth, driven by a strong increase in domestic transactions (up 14.2%) and marginal increase in imports (up 1.4%). After accounting for refunds, the net GST revenue in the FY 2024-25 till May 2024 stands at ₹3.36 lakh crore, reflecting a growth of 11.6% compared to the same period last year.
Breakdown of collections in the FY 2024-25 till May, 2024, are as below:

Central Goods and Services Tax (CGST): ₹76,255 crore;
State Goods and Services Tax (SGST): ₹93,804 crore;
Integrated Goods and Services Tax (IGST): ₹1,87,404 crore, including ₹77,706 crore collected on imported goods;
Cess: ₹25,544 crore, including ₹2,084 crore collected on imported goods.

Inter-Governmental Settlement:
In the month of May, 2024, the Central Government settled ₹38,519 crore to CGST and ₹32,733 crore to SGST from the net IGST collected of ₹67,204 crore. This translates to a total revenue of ₹70,928 crore for CGST and ₹72,999 crore for SGST in May, 2024, after regular settlement.
Similarly, in the FY 2024-25 till May 2024 the Central Government settled ₹88,827 crore to CGST and ₹74,333 crore to SGST from the net IGST collected of ₹154,671 crore. This translates to a total revenue of ₹1,65,081 crore for CGST and ₹1,68,137 crore for SGST in FY 2024-25 till May 2024 after regular settlement.
The chart below shows trends in monthly gross GST revenues during the current year. Table-1 shows the state-wise figures of GST collected in each State during the month of May, 2024 as compared to May, 2023. Table-2 shows the state-wise figures of post settlement GST revenue of each State for the month of May, 2024.
Chart: Trends in GST Collection

Table 1: State-wise growth of GST Revenues during May, 2024 [1]






State/UT


May-23


May-24


Growth (%)




Jammu and Kashmir


422


   525


24%




Himachal Pradesh


828


  838


1%




Punjab


1,744


  2,190


26%




Chandigarh


259


   237


-9%




Uttarakhand


1,431


  1,837


28%




Haryana


7,250


 9,289


28%




Delhi


5,147


7,512


46%




Rajasthan


3,924


  4,414


13%




Uttar Pradesh


7,468


  9,091


22%




Bihar


1,366


1,521


11%




Sikkim


334


   312


-7%




Arunachal Pradesh


120


     98


-18%




Nagaland


   52


     45


-14%




Manipur


   39


     58


48%




Mizoram


   38


     39


3%




Tripura


   75


     73


-3%




Meghalaya


 214


   172


-20%




Assam


 1,217


  1,228


1%




West Bengal


5,162


  5,377


4%




Jharkhand


2,584


 2,700


4%




Odisha


4,398


  5,027


14%




Chhattisgarh


2,525


  2,853


13%




Madhya Pradesh


3,381


 3,402


1%




Gujarat


 9,800


11,325


16%




Dadra and Nagar Haveli and Daman & Diu


324


   375


16%




Maharashtra


23,536


26,854


14%




Karnataka


 10,317


11,889


15%




Goa


523


   519


-1%




Lakshadweep


     2


1


-39%




Kerala


2,297


  2,594


13%




Tamil Nadu


8,953


  9,768


9%




Puducherry


202


  239


18%




Andaman and Nicobar Islands


   31


     37


18%




Telangana


4,507


 4,986


11%




Andhra Pradesh


3,373


 3,890


15%




Ladakh


   26


      15


-41%




Other Territory


201


  207


3%




Center Jurisdiction


 187


   245


30%




Grand Total


       1,14,261


1,31,783


15%






 
Table-2: SGST & SGST portion of IGST settled to States/UTs in
May (Rs. in crore)




 


Pre-Settlement SGST


Post-Settlement SGST [2]




State/UT


May-23


May-24


Growth


May-23


May-24


Growth




Jammu and Kashmir


  178


 225


26%


  561


 659


17%




Himachal Pradesh


 189


  187


-1%


 435


 436


0%




Punjab


 638


 724


14%


1,604


1,740


8%




Chandigarh


48


 54


12%


 168


  178


6%




Uttarakhand


  411


 476


16%


 666


  714


7%




Haryana


 1,544


1,950


26%


2,568


3,025


18%




Delhi


 1,295


 1,477


14%


2,539


2,630


4%




Rajasthan


1,386


1,506


9%


3,020


 3,315


10%




Uttar Pradesh


2,384


2,736


15%


5,687


6,848


20%




Bihar


 623


 695


11%


2,058


2,298


12%




Sikkim


 31


26


-15%


84


66


-21%




Arunachal Pradesh


60


 45


-26%


  187


  152


-19%




Nagaland


 21


 19


-9%


83


 79


-4%




Manipur


23


32


35%


 77


 107


39%




Mizoram


 21


22


3%


 79


 77


-3%




Tripura


40


36


-9%


  135


 138


2%




Meghalaya


 56


 52


-7%


  158


  154


-3%




Assam


 488


  511


5%


 1,170


1,280


9%




West Bengal


 1,952


2,030


4%


3,407


3,628


6%




Jharkhand


 653


 735


13%


 976


 1,135


16%




Odisha


 1,255


 1,415


13%


 1,676


2,068


23%




Chhattisgarh


 583


 661


14%


 833


1,033


24%




Madhya Pradesh


 987


1,028


4%


2,580


 2,555


-1%




Gujarat


 3,371


3,526


5%


 5,156


5,233


2%




Dadra and Nagar Haveli and Daman and Diu


 47


 58


23%


92


80


-13%




Maharashtra


 7,621


 8,711


14%


10,952


12,397


13%




Karnataka


3,022


3,441


14%


5,704


6,062


6%




Goa


 182


 190


4%


 324


 321


-1%




Lakshadweep


   0


    1


478%


   7


   5


-35%




Kerala


1,040


1,209


16%


2,387


2,497


5%




Tamil Nadu


 3,101


3,530


14%


4,829


6,014


25%




Puducherry


36


 41


13%


99


 106


7%




Andaman and Nicobar Islands


 15


 18


17%


 41


44


5%




Telangana


1,448


1,636


13%


3,024


3,239


7%




Andhra Pradesh


1,048


1,240


18%


 2,116


2,597


23%




Ladakh


 14


   8


-43%


34


24


-27%




Other Territory


 16


 17


8%


83


66


-20%




Grand Total


35,828


40,265


12%


65,597


72,999


11%




Also Read: GST Revenue ₹1,72,129 Crore in Jan 2024, 10.4% YoY Growth