Business & Finance
Gross GST revenues rise 3.2% to over Rs 1.94 lakh crore in May
Key Points
Gross Goods and Services Tax (GST) collections rose 3.2% year-on-year to over Rs 1.94 lakh crore in May, reported PTI. The collections moderated from a record Rs 2.42 lakh crore in April but remained higher than the Rs 1.88 lakh crore collected in May last year. Net GST revenue increased 3.3% to Rs 1.67 lakh crore during the month, compared with Rs 1.62 lakh crore a year ago.
Gross Goods and Services Tax (GST) collections rose 3.2% year-on-year to over Rs 1.94 lakh crore in May, reported PTI.
The collections moderated from a record Rs 2.42 lakh crore in April but remained higher than the Rs 1.88 lakh crore collected in May last year. Net GST revenue increased 3.3% to Rs 1.67 lakh crore during the month, compared with Rs 1.62 lakh crore a year ago.
The growth in collections continued to be driven by imports. Gross GST revenue from imports increased 19.1% year-on-year to Rs 59,654 crore in May, while gross domestic revenue declined 2.6% to Rs 1.35 lakh crore. On a net basis, customs GST collections rose 19.7% to Rs 49,403 crore, whereas net domestic revenue fell 2.3% to Rs 1.18 lakh crore.
Total refunds stood at Rs 27,281 crore in May, up 2.6% from the year-ago period. Cumulative refunds for the financial year so far rose 10.9% to Rs 59,063 crore, according to ET.
For the first two months of FY27, gross GST collections rose 6.2% to Rs 4.37 lakh crore, while net GST revenue increased 5.5% to Rs 3.78 lakh crore. Gross domestic revenue during April-May grew 1.3% year-on-year to Rs 3.19 lakh crore, while gross import revenue surged 22.3% to Rs 1.17 lakh crore, underscoring the continued contribution of import-linked taxes to overall collections.
State-wise data showed mixed trends. Karnataka recorded an 11% rise in pre-settlement SGST collections in May, while Andhra Pradesh and Kerala posted growth of 11% and 19%, respectively. Maharashtra registered an 8% increase, Uttar Pradesh grew 9%, and Gujarat's collections rose 3%.
Delhi remained an outlier, recording a sharp 36% decline in pre-settlement SGST collections. Tamil Nadu and Rajasthan also reported modest contractions.
After IGST settlement, Haryana posted a strong 22% increase in SGST revenue. Karnataka's collections rose 17% year-on-year, while Gujarat and Andhra Pradesh recorded growth of 16% each. Kerala grew 15% and Telangana 14%. Delhi, however, continued to lag, with post-settlement collections declining 26%.