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of <h1>India's May 2024 GST Revenue Hits Rs. 1.73 Lakh Crore, Up 10%; Domestic Transactions Boost Growth Amid Import Decline.</h1> In May 2024, India's gross GST revenue reached Rs. 1.73 lakh crore, marking a 10% increase from the previous year, driven by a 15.3% rise in domestic transactions and a 4.3% decline in imports. The net GST revenue, after refunds, was Rs. 1.44 lakh crore, a 6.9% growth year-on-year. For FY 2024-25 up to May, gross GST collections were Rs. 3.83 lakh crore, reflecting an 11.3% increase, with net revenue at Rs. 3.36 lakh crore, up 11.6%. The central and state GST components were Rs. 76,255 crore and Rs. 93,804 crore, respectively, with IGST at Rs. 1,87,404 crore and cess at Rs. 25,544 crore.
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