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GST Collection at Rs 1.73 Lakh Crore in May: A Year-on-Year Increase but a Drop from April The gross Goods and Services Tax (GST) collection for May 2024 stood at Rs 1.73 lakh crore, according to a release by the Ministry of Finance. This figure represents a 10% year-on-year growth, driven primarily by a significant increase in domestic transactions and a decrease in imports. Year-on-Year Growth in GST Collection The Ministry of Finance reported a 15.3% increase in domestic transactions and a 4.3% decrease in imports, contributing to the overall 10% year-on-year growth in GST collection for May 2024. After accounting for refunds, the net GST revenue for May 2024 is Rs 1.44 lakh crore, reflecting a 6.9% growth compared to the same period last year. Breakdown of GST Components for May In May, the Central Goods and Services Tax (CGST) was Rs 32,409 crore, the State Goods and Services Tax (SGST) was Rs 40,265 crore, and the Integrated Goods and Services Tax (IGST) was Rs 87,781 crore, incl...