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.
What happened
GST Council · 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%,
Key facts
- Rs1.94 lakh crore May GST
- 3.2% YoY growth
- 9% adjusted growth
- Goods taxable supply +26.9%
- Services taxable supply +22.2%
- Hospitality/food services +41.6%
- Gold/precious metals +46.9%
- Tobacco +71.6%
Why this matters
The breadth of post-September consumption uplift—especially in hospitality and gold—opens a window to acquire regional F&B and jewellery assets before multiples reprice on sustained category momentum.