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Indian Express
3 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
The Print
01-05-2025
- Business
- The Print
GST collections hit record high in April with Rs 2.37 lakh crore, up 12.6%
According to the government data released on Thursday, the total gross GST revenue was 2.10 lakh crore in April of the current year. New Delhi [India], May 1 (ANI): The Gross Goods and Services Tax (GST) collection reached an all-time high of Rs 2.37 lakh crore during April, reflecting a 12 per cent increase. The data shows that the GST revenue from the domestic transactions saw an uptick of 10.7 per cent to about Rs 1.9 lakh crore. The revenue from imported goods was up 20.8 per cent to Rs 46,913 crore, as the data suggests. The data shows that the refund issuances saw an uptick of a staggering 48.3 per cent to Rs 27,341 crore during the month. The Gross Goods and Services Tax (GST) collections for March 2025 stayed at Rs 19,56,034 crore (Rs 1.96 lakh crore), surging 9.9 per cent. The data revealed that collections in March were 6.8 per cent higher than the Rs 1.84 lakh crore recorded in the previous month. Observing the GST data, Saurabh Agarwal, Tax Partner, EY India, said, 'The record GST collections underscore the Indian economy's underlying strength in the face of global economic uncertainties.' 'While a potential moderation in absolute GST collections is anticipated next month due to the current global economic climate, the overall outlook for the Indian economy remains optimistic,' he added. The recent GST collections reflect a positive trajectory for India's economy, underscoring robust domestic consumption and buoyant import activity. The figures bode well for the country's fiscal health and economic recovery efforts, signalling resilience amidst global uncertainties. The Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST. The GST Council, a federal body comprising the Union Finance Minister as its Chairman and Finance Ministers of all States as members, has played its part in the forum. The latest meeting of the GST Council was held on December 21 at Jaisalmer, Rajasthan. (ANI) This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.
Times of Oman
01-05-2025
- Business
- Times of Oman
India: GST collections hit record high in April with Rs 2.37 lakh crore, up 12.6%
New Delhi: The Gross Goods and Services Tax (GST) collection reached an all-time high of Rs 2.37 lakh crore during April, reflecting a 12 per cent increase. According to the government data released on Thursday, the total gross GST revenue was 2.10 lakh crore in April of the current year. The data shows that the GST revenue from the domestic transactions saw an uptick of 10.7 per cent to about Rs 1.9 lakh crore. The revenue from imported goods was up 20.8 per cent to Rs 46,913 crore, as the data suggests. The data shows that the refund issuances saw an uptick of a staggering 48.3 per cent to Rs 27,341 crore during the month. The Gross Goods and Services Tax (GST) collections for March 2025 stayed at Rs 19,56,034 crore (Rs 1.96 lakh crore), surging 9.9 per cent. The data revealed that collections in March were 6.8 per cent higher than the Rs 1.84 lakh crore recorded in the previous month. Observing the GST data, Saurabh Agarwal, Tax Partner, EY India, said, "The record GST collections underscore the Indian economy's underlying strength in the face of global economic uncertainties." "While a potential moderation in absolute GST collections is anticipated next month due to the current global economic climate, the overall outlook for the Indian economy remains optimistic," he added. The recent GST collections reflect a positive trajectory for India's economy, underscoring robust domestic consumption and buoyant import activity. The figures bode well for the country's fiscal health and economic recovery efforts, signalling resilience amidst global uncertainties. The Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST. The GST Council, a federal body comprising the Union Finance Minister as its Chairman and Finance Ministers of all States as members, has played its part in the forum. The latest meeting of the GST Council was held on December 21 at Jaisalmer, Rajasthan.
Times of Oman
02-04-2025
- Business
- Times of Oman
India: GST collections for March 2025 surge 9.9% to reach Rs 1.96 lakh crore
New Delhi: The Gross Goods and Services Tax (GST) collections for March 2025 stayed at Rs 19,56,034 crore (Rs 1.96 lakh crore), surging 9.9 per cent, according to the government data released on Tuesday. The data revealed that the collections in the month of March collections were 6.8 per cent higher than Rs 1.84 lakh crore recorded in the previous month. The GST collections for the month of February rose by 9.1 per cent to Rs 183,646 crore. According to the data, the Gross GST revenue in last month included Rs 38,100 crore from Central GST, whereas the State GST stood at Rs 49,900 crore while Rs 95,900 crore came from Integrated GST. As per the data, Rs 12,300 crore were collected from compensation cess. The data shows that the February, in comparison, witnessed Central GST collections standing at Rs 35,204 crore while State GST stood at Rs 43,704 crore. The integrated GST at Rs 90,870 crore, and compensation cess stood at Rs 13,868 crore. The recent GST collections reflects a positive trajectory for India's economy, underscoring robust domestic consumption and buoyant import activity. The figures bode well for the country's fiscal health and economic recovery efforts, signalling resilience amidst global uncertainties. The Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST. The GST Council, a federal body comprising the Union Finance Minister as its Chairman and Finance Ministers of all States as members, has played its part in the forum. The latest meeting of the GST Council was held on December 21 at Jaisalmer, Rajasthan. Hair oil, toothpaste, soap; detergents and washing powder, wheat; rice; curd, lassi, buttermilk; wristwatches, TV up to 32 inches; refrigerators; washing machines, mobile phones, are among key items on which GST rates have been slashed substantially, or for some kept at zero, benefiting people. From time to time, the list is being revised with the approval of the Council.
