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Punjab ranked 4th in May GST collection; India’s gross GST revenue collection records 10% y-o-y growth

Punjab ranked 4th in May GST collection; India’s gross GST revenue collection records 10% y-o-y growth

Kanwar Inder Singh/ royalpatiala.in News/ June 1,2024

Punjab has ranked 4th in the collection of GST in May, with 26 percent growth.

Manipur topped the May GST collection with 48 percent followed by Delhi with 46 percent, Uttrakhand and Haryana with 28 percent each .

The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at Rs. 1.73 lakh crore. This represents a 10% year-on-year growth, driven by a strong increase in domestic transactions (up 15.3%) and slowing of imports (down 4.3%). After accounting for refunds, the net GST revenue for May 2024 stands at Rs. 1.44 lakh crore, reflecting a growth of 6.9% compared to the same period last year.

Breakdown of May 2024 Collections:

  • Central Goods and Services Tax (CGST): Rs. 32,409 crore;
  • State Goods and Services Tax (SGST): Rs. 40,265 crore;
  • Integrated Goods and Services Tax (IGST): Rs. 87,781 crore, including Rs. 39,879 crore collected on imported goods;
  • Cess: Rs. 12,284 crore, including Rs. 1,076 crore collected on imported goods.

The gross GST collections in the FY 2024-25 till May 2024 stood at Rs. 3.83 lakh crore. This represents an impressive 11.3% year-on-year growth, driven by a strong increase in domestic transactions (up 14.2%) and marginal increase in imports (up 1.4%). After accounting for refunds, the net GST revenue in the FY 2024-25 till May 2024 stands at Rs. 3.36 lakh crore, reflecting a growth of 11.6% compared to the same period last year.

Breakdown of collections in the FY 2024-25 till May, 2024, are as below:

  • Central Goods and Services Tax (CGST): Rs. 76,255 crore;
  • State Goods and Services Tax (SGST): Rs. 93,804 crore;
  • Integrated Goods and Services Tax (IGST): Rs. 1,87,404 crore, including Rs. 77,706 crore collected on imported goods;
  • Cess: Rs. 25,544 crore, including Rs. 2,084 crore collected on imported goods.
Punjab ranked 4th in May GST collection; India’s gross GST revenue collection records 10% y-o-y growth
GST

Inter-Governmental Settlement:

In the month of May, 2024, the Central Government settled Rs. 38,519 crore to CGST and Rs. 32,733 crore to SGST from the net IGST collected of Rs. 67,204 crore. This translates to a total revenue of Rs. 70,928 crore for CGST and Rs. 72,999 crore for SGST in May, 2024, after regular settlement.

Similarly, in the FY 2024-25 till May 2024 the Central Government settled Rs. 88,827 crore to CGST and Rs. 74,333 crore to SGST from the net IGST collected of Rs. 154,671 crore. This translates to a total revenue of Rs. 1,65,081 crore for CGST and Rs. 1,68,137 crore for SGST in FY 2024-25 till May 2024 after regular settlement.

The chart below shows trends in monthly gross GST revenues during the current year. Table-1 shows the state-wise figures of GST collected in each State during the month of May, 2024 as compared to May, 2023. Table-2 shows the state-wise figures of post settlement GST revenue of each State for the month of May, 2024.

Chart: Trends in GST Collection

Table 1: State-wise growth of GST Revenues during May, 2024

State/UT May-23 May-24 Growth (%)
Jammu and Kashmir 422    525 24%
Himachal Pradesh 828   838 1%
Punjab 1,744   2,190 26%
Chandigarh 259    237 -9%
Uttarakhand 1,431   1,837 28%
Haryana 7,250  9,289 28%
Delhi 5,147 7,512 46%
Rajasthan 3,924   4,414 13%
Uttar Pradesh 7,468   9,091 22%
Bihar 1,366 1,521 11%
Sikkim 334    312 -7%
Arunachal Pradesh 120      98 -18%
Nagaland    52      45 -14%
Manipur    39      58 48%
Mizoram    38      39 3%
Tripura    75      73 -3%
Meghalaya  214    172 -20%
Assam  1,217   1,228 1%
West Bengal 5,162   5,377 4%
Jharkhand 2,584  2,700 4%
Odisha 4,398   5,027 14%
Chhattisgarh 2,525   2,853 13%
Madhya Pradesh 3,381  3,402 1%
Gujarat  9,800 11,325 16%
Dadra and Nagar Haveli and Daman & Diu 324    375 16%
Maharashtra 23,536 26,854 14%
Karnataka  10,317 11,889 15%
Goa 523    519 -1%
Lakshadweep      2 1 -39%
Kerala 2,297   2,594 13%
Tamil Nadu 8,953   9,768 9%
Puducherry 202   239 18%
Andaman and Nicobar Islands    31      37 18%
Telangana 4,507  4,986 11%
Andhra Pradesh 3,373  3,890 15%
Ladakh    26       15 -41%
Other Territory 201   207 3%
Center Jurisdiction  187    245 30%
Grand Total        1,14,261 1,31,783 15%

 

Table-2: SGST & SGST portion of IGST settled to States/UTs in  May (Rs. in crore)

Pre-Settlement SGST Post-Settlement SGST[2]
State/UT May-23 May-24 Growth May-23 May-24 Growth
Jammu and Kashmir   178  225 26%   561  659 17%
Himachal Pradesh  189   187 -1%  435  436 0%
Punjab  638  724 14% 1,604 1,740 8%
Chandigarh 48  54 12%  168   178 6%
Uttarakhand   411  476 16%  666   714 7%
Haryana  1,544 1,950 26% 2,568 3,025 18%
Delhi  1,295  1,477 14% 2,539 2,630 4%
Rajasthan 1,386 1,506 9% 3,020  3,315 10%
Uttar Pradesh 2,384 2,736 15% 5,687 6,848 20%
Bihar  623  695 11% 2,058 2,298 12%
Sikkim  31 26 -15% 84 66 -21%
Arunachal Pradesh 60  45 -26%   187   152 -19%
Nagaland  21  19 -9% 83  79 -4%
Manipur 23 32 35%  77  107 39%
Mizoram  21 22 3%  79  77 -3%
Tripura 40 36 -9%   135  138 2%
Meghalaya  56  52 -7%   158   154 -3%
Assam  488   511 5%  1,170 1,280 9%
West Bengal  1,952 2,030 4% 3,407 3,628 6%
Jharkhand  653  735 13%  976  1,135 16%
Odisha  1,255  1,415 13%  1,676 2,068 23%
Chhattisgarh  583  661 14%  833 1,033 24%
Madhya Pradesh  987 1,028 4% 2,580  2,555 -1%
Gujarat  3,371 3,526 5%  5,156 5,233 2%
Dadra and Nagar Haveli and Daman and Diu  47  58 23% 92 80 -13%
Maharashtra  7,621  8,711 14% 10,952 12,397 13%
Karnataka 3,022 3,441 14% 5,704 6,062 6%
Goa  182  190 4%  324  321 -1%
Lakshadweep    0     1 478%    7    5 -35%
Kerala 1,040 1,209 16% 2,387 2,497 5%
Tamil Nadu  3,101 3,530 14% 4,829 6,014 25%
Puducherry 36  41 13% 99  106 7%
Andaman and Nicobar Islands  15  18 17%  41 44 5%
Telangana 1,448 1,636 13% 3,024 3,239 7%
Andhra Pradesh 1,048 1,240 18%  2,116 2,597 23%
Ladakh  14    8 -43% 34 24 -27%
Other Territory  16  17 8% 83 66 -20%
Grand Total 35,828 40,265 12% 65,597 72,999 11%
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