New Delhi, June 1
India’s gross Goods and Services Tax (GST) collections increased by 3.2 percent to over Rs 1.94 lakh crore in May, supported by higher taxable supplies of goods and services and a strong rise in tax collections from imports, according to government data released on Monday.
The latest figures indicate continued momentum in economic activity, with domestic demand and import-related revenues contributing to the growth in GST collections.
Gross GST collections stood at Rs 1.94 lakh crore during May, compared to Rs 1.88 lakh crore recorded in the corresponding period last year.
Among the major tax components, Central GST collections from domestic transactions were recorded at Rs 37,397 crore, while State GST collections stood at Rs 45,143 crore. Integrated GST collections from domestic transactions amounted to Rs 51,990 crore during the month.
Government data showed that taxable supplies of goods grew by 26.9 percent, reflecting sustained demand across sectors. Taxable supplies in the services sector increased by 22.2 percent, indicating continued strength in domestic consumption patterns.
Collections from Integrated GST on imports rose sharply by 19.1 percent to Rs 59,654 crore in May. The increase is seen as a sign of continued industrial activity and higher import-related economic transactions.
GST refunds during the month increased by 2.6 percent to Rs 27,281 crore. After adjusting for refunds, net GST revenue collections rose by 3.3 percent to around Rs 1.67 lakh crore.
The May figures come a month after GST collections touched a record high of Rs 2.43 lakh crore in April. The latest revenue data suggests that tax collections remain robust, supported by strong domestic demand, steady economic activity, and growth in import-linked revenues.
