May GST hits Rs1.94 lakh crore as hospitality, gold, goods supply surge post-rationalisation
May GST collections rose 3.2% YoY to Rs1.94 lakh crore, with adjusted growth at 9% stripping telecom base effects. Goods taxable supply jumped 26.9% and services 22.2%, while hospitality/food services (+41.6%) and gold (+46.9%) signalled broad consumption uplift after the September 2025 GST rationalisation.
May GST collections rose 3.2% to Rs1.94 lakh crore, with adjusted growth of 9% post-telecom base effect. Goods taxable supply jumped 26.9%, hospitality/food services grew 41.6%, and gold rose 46.9%, signalling broad consumption uplift post September 2025 GST rationalisation.
Why this matters
May GST data extends post-rationalisation consumption signals. Headline 3.2% growth masks 9% adjusted expansion, while 26.9% goods supply jump and category surges in hospitality and gold point to genuine retail demand recovery.
Footfall theme steady with 94 signals in last 90 days, reinforcing consistent consumption read-through.