GST collections top Rs 2 lakh crore again in May
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.