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Net GST receipts grew 20.4% YoY to ₹1.73 trillion in May, driven by a 72.9% jump in Customs revenue and a 4% decline in refunds, despite a 17% sequential drop from April’s ₹2.09 trillion, says finance ministry data.
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Gross GST collection rose 16.4% YoY to ₹2.01 trillion in May, with domestic revenue up 13.7% and import-related revenue surging 25.2%, supported by strong business activity and higher eway bill generation, signaling recovery and fiscal strength.
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Experts note May’s GST numbers reflect robust consumption and economic growth, with import revenue rising 25%, though a 21% sequential dip hints at shifting consumer spending amid global uncertainties and year-end sales timing.
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State-wise, smaller regions like Lakshadweep and Manipur showed sharp growth, while larger states including Maharashtra and Tamil Nadu posted solid gains; however, Mizoram and Uttarakhand experienced declines, indicating varied regional economic dynamics.
Source: www.business-standard.com
