- NEW DELHI — India’s
gross Goods and Services Tax (GST) collection for May 2025 reached INR 2.01
lakh crore, marking a 16.4 per cent rise compared to the INR 1.72 lakh crore
collected in May 2024, according to data released by the Ministry of Finance on
Sunday.
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- This marks the second month in a row that GST revenues have
stayed above the INR 2 lakh crore mark, indicating healthy economic activity
and steady consumption growth.
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- In April, GST collections had touched an all-time high of
INR 2.37 lakh crore, which was a 13 per cent jump from March.
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- That spike was largely due to year-end financial filings and
reconciliations. However, the strong numbers in May suggest that the momentum
is continuing beyond seasonal factors.
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- Net GST revenue -- which includes refunds -- also grew
significantly, rising by over 20 per cent to INR 1.73 lakh crore.
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- Domestic GST collections increased by 13 per cent, while
revenue from imports rose sharply by 25.7 per cent.
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- Meanwhile, India’s overall economy is also showing signs of
stable growth. Data released on May 30 showed that the country achieved its
growth target of 6.5 per cent for the financial year 2024.
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- The economy expanded by 7.4 per cent in the January to March
quarter, bouncing back strongly from earlier slowdowns.
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- Consumption, a key driver of growth, also improved over the
year. After growing by 5.6 per cent in the previous financial year, consumption
has picked up again.
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- In April, consumer durable goods, such as appliances and
electronics, grew by 6.4 per cent, slightly lower than the 6.9 per cent growth
in March.
