May GST collections grow just 3% to Rs 1.94L cr; domestic revenue dips 2.6% as consumption softens
Domestic GST fell 2.6% to Rs 1.35 lakh crore in May even as taxable supply of goods rose 27% and services 22%, hinting at margin and pricing pressure post GST 2.0 rate cuts on 375+ items. Imports IGST jumped 19.1% to Rs 59,654 crore, signalling stronger inbound demand than domestic offtake.
May GST collections rose just 3.2% YoY to Rs 1.94 lakh crore, with domestic revenue down 2.6%, hinting at consumption softness despite GST 2.0 rate cuts. Taxable supply grew 27%, signalling broad demand across consumer goods categories relevant to Indian retailers.