Latest news with #IntegratedGST
Hans India
3 days ago
- Business
- Hans India
GST collections above Rs 2 trn 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.
Mint
3 days ago
- Business
- Mint
₹2 trillion GST revenue in May, points to strong consumer sentiment, dumping concerns
New Delhi: Central and state governments collected over ₹2 trillion in Goods and Services Taxes (GST) in May before adjusting for refunds, official data showed on Sunday, a 16% annual improvement that sustains the robust tax performance seen in the previous month. The collections in May also benefited from the strong 25% growth in gross receipt of Integrated GST or IGST—the type of GST levied on imported goods, showing strong import value growth at the beginning of the current financial year amid trade uncertainty. In April too, IGST on imports had grown nearly 21% before refunds, compared with a 13.6% growth in March, prompting some experts to flag the possibility of dumping of goods into India by other countries as the Trump tariff announcement came in April. Also read: Government drove capex in pre-election year as private sector held back IGST accounted for about a fourth of gross GST revenue in May. GST collections from domestic sales too witnessed a strong 13.7% growth in May, faster than the 10.1% nominal GDP growth the Central government has forecast, suggesting strong consumer sentiments. Data also showed that industrialized states barring Gujarat, reported strong growth performance. While the largest state economy, Maharashtra, reported a 17% annual growth in GST revenue, Tamil Nadu reported a 25% jump, Karnataka 20% and Delhi 38%. Gujarat reported a muted 4% annual growth in May. After adjusting for tax refunds, Centre and states collected ₹1.74 trillion in May, 20.4% more than the revenue collected in the same time a year ago. In the first two months of the current financial year, net GST revenue of Centre and states grew at an average of 14%, faster than the projected nominal GDP growth for the current year. Signs of dumping? After refunds, net domestic GST revenue grew at 9.7% in May, nearly the same as in April, but the net customs revenue in May— IGST and cess on imports—grew at a spectacular 73% in May, compared with an unimpressive 5.2% in the previous month. Also read: Tax rate revamp on GST Council agenda; India to push FATF to grey list Pakistan The growth in IGST revenue from imports and the fact that export refunds are not growing correspondingly, reflect the fact that import growth far outstrips export growth, explained Vivek Jalan, founder and partner at Tax Connect Advisory Services LLP. The taxes paid on goods and services used in the products that are exported are refunded to exporters to make shipments competitive, as per policy. 'This may be a result of Trump 2.0 in as much that countries are dumping their goods in India, as they are selling less in the US. It may be required that India too may have to reciprocate, or react with anti-dumping duties in the near future on a variety of products," said Jalan. At the same time, sustained growth in the consumption tax revenue indicated positive consumer sentiments. To boost demand for goods and services in the economy, the government had announced a tax cut for middle-income earners in this year's budget which was estimated to cost the exchequer ₹1 trillion by way of forgone income tax receipts. Policymakers are also counting on above-normal monsoon, strong agriculture growth, growth supportive monetary policy and government capital expenditure to support economic growth this year. Also read: Lenders willing to offer lower rates to distressed firms since IBC took effect, says insolvency board M.S. Mani, partner indirect taxes, Deloitte India, said that tax collection in May which is better than the average monthly GST receipt in the last financial year, would provide significant fiscal headroom for the government. After refunds, the Central government collected over ₹31,000 crore, while states collected over ₹38,500 crore. Cess on luxury goods, aerated drinks and tobacco yielded ₹12,400 crore in May.
Mint
3 days ago
- Business
- Mint
India's GST collections for May 2025 rises 16.4% to ₹2.01 lakh crore — Details here
New Delhi, Jun 1 (PTI) Gross GST collections rose 16.4 per cent to over ₹ 2.01 lakh crore in May, as per government data released on Sunday. This comes after a record high Goods and Services Tax (GST) collection in April, when the revenues touched an all-time high of ₹ 2.37 lakh crore. In May, gross revenues from domestic transactions rose 13.7 per cent to about ₹ 1.50 lakh crore, while GST revenue from imports grew 25.2 per cent to ₹ 51,266 crore. In May, the gross Central GST revenues stood at ₹ 35,434 crore, State GST revenues at ₹ 43,902 crore and Integrated GST at about ₹ 1.09 lakh crore. Revenues from Cess was at ₹ 12,879 crore. In May, 2024, the mop up was ₹ 1,72,739 crore. Meanwhile, total refunds during the month fell 4 per cent to ₹ 27,210 crore. Net GST mop-up stood at about ₹ 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.
Hans India
01-05-2025
- Business
- Hans India
GST collections surge to record high of Rs 2.37 lakh crore in April
New Delhi: India's Goods and Services Tax (GST) collections surged to a record high of Rs 2.37 lakh crore during April, which represents a 12.6 per cent increase from Rs 2.10 lakh crore in the same month last year, official figures showed on Thursday. The increase in GST collections was driven by the higher level of economic activity and better compliance, a senior official said. The GST revenue was Rs 2.10 lakh crore in April 2024, which was the second highest collection ever since the new tax regime came into effect on July 1, 2017. GST collections from domestic transactions in April this year increased by 10.7 per cent to Rs 1.9 lakh crore, while revenue from imported goods shot up by 20.8 per cent to Rs 46,913 crore. Refunds issuance rose 48.3 per cent to Rs 27,341 crore during April. GST collections went up by 9.9 per cent to Rs 1.96 lakh crore during March this year compared to the same month of the previous year, reflecting the higher level of economic activity and better compliance. Sequentially, the GST collections were 6.8 per cent higher than the Rs 1.84 lakh crore revenue recorded in February this year. Gross GST revenue in March included Rs 38,100 crore from Central GST, Rs 49,900 crore from State GST, Rs 95,900 crore from Integrated GST and Rs 12,300 crore from compensation cess. In comparison, February saw Central GST collections at Rs 35,204 crore, State GST (Rs 43,704 crore), Integrated GST (Rs 90,870 crore), and compensation cess (Rs 13,868 crore). Maharashtra, Karnataka, Gujarat, Tamil Nadu and Uttar Pradesh were the top five contributors to GST collections in March. Maharashtra paid Rs 31,534 crore in March, a 14 per cent increase compared to March last year, while Karnataka paid Rs 13,497 crore, a 4 per cent increase year-on-year. Gujarat contributed Rs 12,095 crore, a 6 per cent rise from March 2024. Tamil Nadu paid Rs 11,017 crore, reflecting a 7 per cent increase, while Uttar Pradesh collected Rs 9,956 crore, a 10 per cent year-on-year growth.
