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Indian Express
2 days ago
- Business
- Indian Express
Gross GST collections in May rise 16.4% YoY to Rs 2.01 lakh crore
Gross Goods and Services Tax (GST) collections rose 16.4 per cent year-on-year to Rs 2.01 lakh crore in May (for sales in April), data released by the government on Sunday showed. The GST collections in May were lower than last month's record-high level of Rs 2.37 lakh crore even as the growth rate was higher at 16.4 per cent in May as against 12.6 per cent growth seen in April. While April collections had gained from year-end sales, GST collections in May slowed down from the domestic segment. GST collections from imports grew 25.2 per cent year-on-year to Rs 51,266 crore in May. GST collections from imports were Rs 46,913 crore in April. On the domestic front, GST collections grew 13.7 per cent to Rs 1.50 lakh crore in May, but were lower than Rs 1.90 lakh crore in April. On a net basis, GST collections increased 20.4 per cent to Rs 1.74 lakh crore, the data showed. Experts said a 16 per cent plus year-on-year growth implies economic recovery is holding up. Abhishek Jain, indirect tax head and partner, KPMG said, 'While last month's spike was expected with year-end reconciliations, the consistency this month along with a 16 plus per cent year-on-year growth points to strong underlying momentum and a recovery that's clearly taking hold.' Some experts pointed out a lower GST collection from the domestic sales in May (for sales in April) as against April (for year-end sales in March). 'GST collections are about what we expected, showing a 15 per cent drop from last month. However, domestic GST collections fell by nearly 21 per cent compared to last month, suggesting a shift in how much consumers are spending. While last month's higher collections likely included year-end business-to-business sales pushed due to targets, this large decrease points to some bit of change in consumer spending possibly due to global uncertainties. Also, export refunds are down significantly, by 36.25 per cent, which suggests that the last month's increased exports were primarily on account of companies building their stock at US level due to imposition of tariff,' Saurabh Agarwal, tax partner, EY India said. Total refunds stood at Rs 27,210 crore in May, down 4 per cent YoY. While domestic refunds grew 53.7 per cent YoY to Rs 18,314 crore in May, refunds for imports were down 45.9 per cent to Rs 8,896 crore. In April, domestic refunds had risen 22.4 per cent YoY to Rs 13,386 crore, while refunds on imports had increased 86.1 per cent YoY to Rs 13,955 crore. State-wise data for October showed that out of 38 states/Union territories, 20 states/UTs recorded higher growth in gross GST collections than the national average of 16.4 per cent growth rate. In absolute terms, Maharashtra was at the top with collection of Rs 31,530 crore (17 per cent growth), followed by Karnataka with collection of Rs 14,299 crore (20 per cent growth), Tamil Nadu with Rs 12,230 crore (25 per cent growth), Gujarat with collection of Rs 11,737 crore (4 per cent growth), and Delhi with Rs 10,366 crore collection (38 per cent growth). States/UTs which recorded a contraction in GST collections in May included: Andhra Pradesh at Rs 3,803 crore (-2 per cent), Uttarakhand at Rs 1,605 crore (-13 per cent), Dadra and Nagar Haveli and Daman & Diu at Rs 351 crore (-6 per cent), and Mizoram at Rs 29 crore (-26 per cent). 'The wide variations in the growth of GST collections across states require a thorough analysis across the sectors that are important in each state. While large states like Maharashtra, West Bengal, Karnataka and Tamil Nadu have reported collection increases of 17 per cent to 25 per cent, similar large states like Gujarat, AP and Telangana have shown increases of only -2 per cent to 6 per cent t. Some states like MP, Haryana, Punjab and Rajasthan have shown a median increase of 10 per cent. Hence, the average growth across the country does not appear to be uniformly reflected across states possibly due to sectoral or seasonal factors which require a deeper data based analysis,' MS Mani, partner, indirect taxes, Deloitte India said. The gross Central GST (CGST) — the tax levied on intra-state supplies of goods and services by the Centre — collections stood at Rs 35,434 crore, State GST (SGST) — the tax levied on intra-state supplies of goods and services by the states — collections were Rs 43,902 crore, while Integrated GST (IGST) — the tax levied on all inter-state supplies of goods and services — collections stood at Rs 1.09 lakh crore and cess at Rs 12,879 crore during the month. The gross Central GST (CGST) — the tax levied on intra-state supplies of goods and services by the Centre — collections stood at Rs 35,434 crore, State GST (SGST) — the tax levied on intra-state supplies of goods and services by the states — collections were Rs 43,902 crore, while Integrated GST (IGST) — the tax levied on all inter-state supplies of goods and services — collections stood at Rs 1.09 lakh crore and cess at Rs 12,879 crore during the month. Aanchal Magazine is Senior Assistant Editor with The Indian Express and reports on the macro economy and fiscal policy, with a special focus on economic science, labour trends, taxation and revenue metrics. With over 13 years of newsroom experience, she has also reported in detail on macroeconomic data such as trends and policy actions related to inflation, GDP growth and fiscal arithmetic. Interested in the history of her homeland, Kashmir, she likes to read about its culture and tradition in her spare time, along with trying to map the journeys of displacement from there. ... Read More
NDTV
2 days ago
- Business
- NDTV
GST Collections Above Rs 2 Trillion For Second Straight Month
New Delhi: Gross GST collections remained above the Rs 2 trillion mark for the second month in a row, rising 16.4 per cent in May to over Rs 2.01 lakh crore. Goods and Services Tax (GST) collection had touched a record high of Rs 2.37 lakh crore in April. In May, 2024, the mop up was Rs 1,72,739 crore. In May, 2025, gross revenues from domestic transactions rose 13.7 per cent to about Rs 1.50 lakh crore, while GST revenue from imports grew 25.2 per cent to Rs 51,266 crore. Total gross GST revenues stood at Rs 2,01,050 crore in May, 2025. Gross Central GST revenues stood at Rs 35,434 crore, State GST revenues at Rs 43,902 crore and Integrated GST at about Rs 1.09 lakh crore. Revenues from Cess was at Rs 12,879 crore. Total refunds issued during the month dipped 4 per cent to Rs 27,210 crore. Net GST mop-up in May stood at about Rs 1.74 lakh crore, a 20.4 per cent year-on-year growth. Deloitte India Partner M S Mani said the wide variations in the growth of GST collections across states require a thorough analysis across the sectors that are important in each state. While large states like Maharashtra, West Bengal, Karnataka and Tamil Nadu have reported collection increases of 17 per cent to 25 per cent, similar large states like Gujarat, Andhra Pradesh and Telangana have shown increases of up to 6 per cent. Some states like Madhya Pradesh, Haryana, Punjab and Rajasthan have shown median increases of 10 per cent. "Hence, the average growth across the country does not appear to be uniformly reflected across states possibly due to sectoral or seasonal factors which require a deeper data based analysis," Mani said. Price Waterhouse & Co LLP Partner Pratik Jain said 16 per cent growth in GST collections in the month shows a renewed upward momentum after a few months of growth in the range of 11 to 12 per cent. "If the growth continues in this range for the next couple of months, it might provide the cushion for the government to look at rate rationalization on which a lot of work has already been done," Jain said. EY India Tax Partner Saurabh Agarwal said looking ahead, we might see similar GST collection numbers with slight increases in June because of ongoing geopolitical tensions across the globe. Tax Connect Advisory Services LLP Partner Vivek Jalan said with an approx 10 per cent growth in domestic GST revenue and 73 per cent growth in import GST revenues, it is very clear that this month's growth in GST revenue is import driven rather than domestic consumption driven. "This coupled with the fact that exports refunds are not growing correspondingly, reflect the fact that import growth far exceeds export growth," Jalan added.
Time of India
2 days ago
- Business
- Time of India
EY India chairman Memani is new CII president
NEW DELHI: EY India Chairman and CEO Rajiv Memani has taken charge as the new president of CII, the move coming at a time when the govt negotiates a bilateral trade agreement (BTA) with the US while working out free trade agreements with other countries and regions. Tired of too many ads? go ad free now Memani takes over from ITC Chairman & MD Sanjiv Puri as CII president. R Mukundan, MD & CEO of Tata Chemicals, take charge as CII's president-designate for 2025-26. Memani had established EY India's market-leading corporate finance (now strategy & transactions) practice in the late 90s, and has been a member of several high-powered govt committees, including the Ministry of Finance's taskforce that drafted a new Direct Tax Code in 2019. He is also a member of EY's Global Executive Board as the Chair of its Growth Markets Council. He advises large Indian companies, private equity funds and multinational organizations, principally advising them on building confidence, mergers and acquisitions, technology and smart capital allocation strategies. In his Growth Markets role, his responsibilities include advancing EY's growth markets agenda and connecting their priorities with the global firm's investments.
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Business Standard
3 days ago
- Business
- Business Standard
CII's new leadership takes charge with EY's Rajiv Memani at the helm
EY India chairman and chief executive officer Rajiv Memani assumed office as the president of the Confederation of Indian Industry (CII) for 2025–26, taking over from former president of the industry chamber, ITC chairman and managing director Sanjiv Puri, a press statement by CII said on Sunday. 'The newly constituted National Council of the Confederation of Indian Industry (CII) at a meeting elected its new office bearers for the year 2025–26,' CII said. A member of the EY Global Executive Board as chair of its Growth Markets Council, Memani is an advisor to large Indian companies, private equity funds and multinational organisations, principally advising them on building confidence, mergers and acquisitions, technology, and smart capital allocation strategies. Memani is also a chartered accountant and holds a Bachelor of Commerce degree from Shri Ram College of Commerce, Delhi University. CII, in its press statement, said that Memani has been a member of several high-powered Government of India committees, including the Ministry of Finance task force that drafted a new Direct Tax Code in 2019. Suchitra K Ella, co-founder and managing director, Bharat Biotech International Limited, took over as CII vice president, and R Mukundan, managing director and chief executive officer of Tata Chemicals Limited, as CII president-designate for 2025–26. Memani had held the position of CII president-designate for the year 2024–25 and vice president for the year 2023–24. An alumnus of IIT Roorkee and Harvard Business School, Mukundan, during his 33-year career with the Tata Group, has held various responsibilities across the chemical, automotive and hospitality sectors of the group. Ella, a Padma Bhushan awardee and instrumental in founding Bharat Biotech in 1996, has also co-founded several companies in veterinary sciences, agri-biotech parks and food processing, including a pre-clinical toxicology and research institute.
Economic Times
3 days ago
- Business
- Economic Times
EY India Chairman-CEO Rajiv Memani assumes CII presidency for 2025-26
Rajiv Memani Synopsis Rajiv Memani of EY India has been elected as the President of CII for 2025-26, succeeding Sanjiv Puri. R Mukundan of Tata Chemicals assumes the role of President-Designate, while Suchitra K Ella of Bharat Biotech becomes the Vice President. These appointments reflect CII's leadership transition and strategic direction for the upcoming year, focusing on industry growth and development. The newly constituted national council of Confederation of Indian Industry (CII) at a meeting elected its new office bearers for the year 2025-26. Rajiv Memani, Chairman and CEO of EY India has assumed office as the President of CII for 2025-26. ADVERTISEMENT He takes over from Sanjiv Puri, Chairman and Managing Director of ITC Ltd. Memis also a member of EY Global Executive Board as the Chair of its Growth Markets Council. He is a trusted advisor to large Indian companies, private equity funds and multinational organizations, principally advising them on building confidence, mergers and acquisitions, technology and smart capital allocation strategies. In his Emerging Markets role, his responsibilities include advancing EY's emerging markets growth agenda and connecting their priorities with the global firm's to becoming the Chairman and CEO, Memani established EY India's market-leading Corporate Finance (now Strategy and Transactions) practice in the late 90s. ADVERTISEMENT Memani was the President-Designate of the Confederation of Indian Industry for the year 2024-25 and Vice President for the year contributes actively to the public discourse on tax and policy reforms and has been a member of several high-powered Government of India committees, including the Ministry of Finance taskforce that drafted a new Direct Tax Code in 2019. ADVERTISEMENT In addition, Memani is the President of the Board of Him Jyoti School, an institution dedicated to providing quality education to underprivileged girls in Uttarakhand. He is also a Board member of the Indian Institute of Management (IIM), Sirmaur and a member of the governing council of KREA has also been the driving force behind EY Foundation, which is active in the areas of education, entrepreneurship for rural women and environment. Memani is a Chartered Accountant and holds a Bachelor of Commerce degree from Shri Ram College of Commerce, Delhi University. ADVERTISEMENT R Mukundan, Managing Director and CEO of Tata Chemicals Limited takes over as CII's President-Designate for 2025-26. Mukundan joined Tata Administrative Service in 1990, after completion of MBA from FMS, Delhi University. He is a distinguished alumnus of IIT, Roorkee; Fellow of Indian Chemical Society and an alumnus of Harvard Business his 33 years career with Tata Group, he has held various responsibilities across the chemical, automotive and hospitality sectors of the Tata Group. He serves on industry forums and impact organisations. ADVERTISEMENT Mukundan was the Vice President of the Confederation of Indian Industry CII for the year 2024-25. He was the Chairman of CII Western Region in 2013-14. He Chaired CII's Institute of Quality Advisory Council, CII's National Committee on Environment and CII's National Committee of Industrial Relations in 2023. Suchitra K Ella, Co-founder and Managing Director, Bharat Biotech International Limited takes over as CII Vice President for 2025-26. She was instrumental in founding Bharat Biotech way back in 1996. In the past decade, Ella has co-founded and nurtured several companies in veterinary sciences, agri-biotech parks, food processing including pre-clinical toxicology and research institute. In 2022, Suchitra K Ella was honoured with Padma Bhushan for her outstanding contributions to society and industry. She is also recipient of SAARC women award, Colombo; Business Achievers Award, SIMA, Singapore among others. Ella was the Chairperson of CII Andhra Pradesh State from 2012-13, Founder Chairperson of CII's Indian Women's Network from 2013-15, and Chairperson of CII Southern Region for the year 2022-23. (You can now subscribe to our Economic Times WhatsApp channel) (Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online. NEXT STORY
