India’s Goods and Services Tax (GST) collections have soared to a historic high of $257 billion in the fiscal year 2024–25 (FY25), reflecting a year-on-year increase of 9.4%, as per the government’s official data released on June 30. This surge in tax revenue marks a significant milestone in India’s tax reform journey and indicates a robust and growing formal economy.
The average monthly GST revenue during the year stood at an impressive $21.44 billion. What’s more remarkable is the doubling of GST collections in just five years—from $132.5 billion in FY21, when monthly collections averaged around $11.07 billion.
As of April 30, 2025, India’s GST ecosystem included over 15.1 million active registrants. This number is comprised of 13.2 million regular taxpayers, nearly 1.5 million composition scheme taxpayers, and 371,000 entities registered under Tax Deducted at Source (TDS) rules.
The upward trajectory of GST revenue has been consistent over the past few years. In FY22, collections stood at $172.82 billion, rising to $210 billion in FY23 and further to $235 billion in FY24. The continuing growth reflects improved compliance, economic activity, and digital integration across sectors.
In May 2025 alone, GST collections jumped by 16.4%, reaching $23.42 billion. Of this, domestic transactions accounted for $17.48 billion—an increase of 13.7%—while imports contributed $5.97 billion, up 25.2% from the previous year.
Breaking down the May figures further: the Central GST share was $4.13 billion, the State GST amounted to $5.12 billion, and the Integrated GST brought in $12.7 billion. Despite this positive trend, refunds issued in May dipped 4% to $3.17 billion.
This record-setting performance showcases India’s evolving tax infrastructure and its vital role in supporting public finance and economic development.
