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Economic Times
4 days ago
- Business
- Economic Times
GST collections jump 16.4% to Rs 2.01 lk cr in May
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India's gross Goods and Services Tax (GST) collection for May 2025 stood at Rs 2.01 lakh crore, registering a 16.4 per cent increase over the Rs 1.72 lakh crore collected in May 2024, data released by the Ministry of Finance showed April 2025, India's GST collections had surged by 12.6 per cent to an all-time high of Rs 2.37 lakh year-on-year growth was driven by a 25.2 per cent increase in GST collected from imports and a 13.7 per cent rise from domestic transactions. Gross GST revenue from imports stood at Rs 51,266 crore, while domestic sources contributed Rs 1,49,785 May, gross GST revenue reached Rs 4.37 lakh crore, reflecting a 14.3 per cent rise compared to Rs 3.83 lakh crore collected in the same period last refunds, the net GST revenue for May stood at Rs 1,73,841 crore, up 20.4% compared to Rs 1,44,381 crore collected in May 2024. Total refunds during the month stood at Rs 27,210 crore, down 4% the Budget, the government projected an 11 per cent increase in GST revenue for the year, estimating collections at Rs 11.78 lakh crore, including Central GST and compensation cess.
Time of India
4 days ago
- Business
- Time of India
GST collections in May cross Rs 2 lakh crore mark for the second consecutive month; see 16.4% rise
GST collections had hit a record lifetime high of Rs 2.37 lakh crore in April. (AI image) The Goods and Services Tax (GST) collections crossed the Rs 2 lakh crore mark for the second consecutive month in May 2025. As per the data released by the Ministry of Finance, GST collections in May stood at Rs 2.01 lakh crore, which is a 16.4% rise compared to last year. GST collections had hit a record lifetime high of Rs 2.37 lakh crore in April, reflecting a 12.6 per cent growth compared to the previous year, as per the government data. The figure in April exceeded the second-highest revenue of Rs 2.10 lakh crore documented in April 2024, following the introduction of the indirect taxation framework on July 1, 2017. The GST revenue gathered in March 2025 amounted to Rs 1.96 lakh crore. The government's Budget estimates indicate an expected increase of 11% in GST earnings, with anticipated collections reaching Rs 11.78 lakh crore, which includes both Central GST and compensation cess elements. Reacting to the numbers, Abhishek Jain, Indirect Tax Head& Partner, KPMG said, 'It's encouraging to see GST collections once again cross the ₹2 lakh crore mark. While last month's spike was expected with year-end reconciliations, the consistency this month along with a 16 plus percent year-on-year growth points to strong underlying momentum and a recovery that's clearly taking hold.' This story is being updated Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
4 days ago
- Business
- Time of India
GST collections jump 16.4% to Rs 2.01 lk cr in May
India's gross Goods and Services Tax (GST) collection for May 2025 stood at Rs 2.01 lakh crore, registering a 16.4 per cent increase over the Rs 1.72 lakh crore collected in May 2024, data released by the Ministry of Finance showed Sunday. In April 2025, India's GST collections had surged by 12.6 per cent to an all-time high of Rs 2.37 lakh crore. The year-on-year growth was driven by a 25.2 per cent increase in GST collected from imports and a 13.7 per cent rise from domestic transactions. Gross GST revenue from imports stood at Rs 51,266 crore, while domestic sources contributed Rs 1,49,785 crore. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Fungo nas unhas: um truque simples reduz facilmente Acabe com o Fungo Undo For May, gross GST revenue reached Rs 4.37 lakh crore, reflecting a 14.3 per cent rise compared to Rs 3.83 lakh crore collected in the same period last year. After refunds, the net GST revenue for May stood at Rs 1,73,841 crore, up 20.4% compared to Rs 1,44,381 crore collected in May 2024. Total refunds during the month stood at Rs 27,210 crore, down 4% year-on-year. Live Events In the Budget, the government projected an 11 per cent increase in GST revenue for the year, estimating collections at Rs 11.78 lakh crore, including Central GST and compensation cess.
Time of India
5 days ago
- Business
- Time of India
FM Nirmala Sitharaman counters social media claims of GST registration corruption and delay
Finance minister Nirmala Sitharaman NEW DELHI: Finance Minister Nirmala Sitharaman on Saturday endorsed the Central Board of Indirect Taxes and Customs (CBIC) for its detailed clarification on social media allegations surrounding delays and alleged corruption in GST registration processing. Her remarks came after a Twitter user posted screenshot of posted accusations by a LinkedIn user alleging that they had not received GST registration despite a 20-day wait. The post claimed corruption in the GST registration process. The Central Board of Indirect Taxes (CBIC) responded in detail countering the allegation to which Sitharaman wrote: 'To provide service to the taxpayer is our duty. While so serving the taxpayers, transparency and integrity are crucial in earning their trust and confidence. Confident that the Board and the field formations will remain sensitive and responsive.' Meanwhile, the CBIC's clarification, citing specific case details. It stated that the application in question was submitted on May 26, 2025, and fell under the jurisdiction of the Delhi State GST authorities- not the Central GST. Also, Delhi GST officials, according to CBIC, had processed the case promptly but had sought clarification regarding the designation of the company representative who signed the rent agreement. "The application was filed this week on 26th May (Monday) which was assigned to Delhi State GST. The Central GST authorities had no role in this matter. As per Delhi State GST authorities, the case was processed immediately and a query was raised about the missing designation of the person who has signed the Rent Agreement on behalf of the Company. At this stage the ARN was pending for reply from taxpayer side and it was duly informed to the taxpayer. The application will be processed by the Delhi GST authorities upon receipt of the pending information," the CBI said while requesting to "to not circulate wrong information on the social media without knowing the facts." Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
New Indian Express
17-05-2025
- Business
- New Indian Express
Cooperative societies liable to pay GST if turnover exceeds Rs 20 lakh, says report
KOCHI: In an attempt to bring the cooperative societies run by political parties and other organisations under the GST net, a report by the Central GST, Central Excise and Customs deputy commissioner has revealed that any cooperative society with an aggregate turnover of more than Rs 20 lakh in a particular financial year shall be liable for registration under GST. The report cited the provisions of Section 22 (1) of the Central Goods and Service Tax Act, 2017, to state that such entities are liable to pay GST. The report said that group deposit schemes run by cooperatives are like chits, and hence, liable to be taxed at 18%. Further, the deputy commissioner stated that a chit fund in relation to a chit is chargeable under GST at the rate of 12%, provided that the credit of input tax charged on goods used in supplying the service has not been taken. According to the GST department, a chit fund is a transaction where a group of subscribers agrees to pay a certain amount of money over a set period. In a chit fund, 'chit sala' or 'chitty gross amount' is the total amount of money that all subscribers pay for an instalment, without any fixed discounts. The 'sala' is calculated by multiplying the monthly premium or contribution by the duration of the chit in months. Hence, it is chargeable under GST, it said. 'A cooperative society provides services to its subscribers in the form of facilities or benefits in the course of business for a 'consideration'.
