GST growth slows to 3.2% in May, but gold and goods consumption surge underneath
Headline GST collections rose just 3.2% to Rs 1.94 lakh crore, the slowest in six months, dragged by a telecom base effect. Strip that out and adjusted growth runs near 9%, with taxable goods value up 27% and gold/precious metals up 47% — pointing to resilient post-rationalisation retail and jewelry demand.
What happened
GST Council · May GST collections grew just 3.2% to Rs 1.94 lakh crore, slowest in six months, dragged by a high telecom-payment base. Officials cite strong
Key facts
- Rs 1,94,184 crore total May GST
- 3.2% growth
- domestic GST Rs 1,34,530 crore down 2.6%
- 9% adjusted growth
- taxable goods value Rs 40 lakh crore +27%
- gold/precious metals Rs 5.1 lakh crore +47%
- services taxable value Rs 11.5 lakh crore +22%
- IGST imports Rs 60,000 crore +20%
Why this matters
The 47% gold taxable value jump validates jewelry as an accretive category for bolt-ons, while broad goods strength keeps multi-format retail targets in scope despite the soft headline.