At ₹1,72,129 crore, GST collections are 2nd highest ever; crosses ₹1.70 lakh crore mark for the third time in FY 2023-24
With overall collection reaching ₹16.69 lakh crore, GST collections register 11.6% Y-o-Y growth in 10-month period
GST Collections: At Rs 1,72,129 crore, the gross GST collections for January 2024 saw a 10.4 per cent year-over-year (Y-o-Y) growth, according to a press release by the Ministry of Finance on Wednesday, January 31. Last year, the GST collections were at Rs 1.55 lakh crore for the month of January.
This is overall the second-highest GST collection and the third time that the collections have crossed the Rs 1.70 lakh crore mark in FY 2023–24.
The gross GST revenue collected in the month of January, 2024 (till 05:00 PM of 31.01.2024) is ₹1,72,129 crore, which shows a 10.4% Year-o-Year (Y-oY) growth over the revenue of ₹155,922 crore collected in January 2023 (till 05:00 PM on 31.01.2023).
Notably, this is the second highest monthly collection ever and marks the third month in this financial year with collection of ₹1.70 lakh crore or more. The government has settled ₹43,552 crore to CGST and ₹37,257 crore to SGST from the IGST collection.
During the April 2023-January 2024 period, cumulative gross GST collection witnessed 11.6% y-o-y growth (till 05:00 PM of 31.01.2024), reaching ₹16.69 lakh crore, as against ₹14.96 lakh crore collected in the same period of the previous year (April 2022-Jannuary 2023).
The chart below shows trends in monthly gross GST revenues during the current year. The data is as of 05:00 PM today (i.e. 31.01.2024). Final collection for the month would be higher.
About Author
