GST Collection Registers Second Highest Monthly Revenue, Rise 10% to Rs 1.72 Lakh Crore in January 2024, Says Finance Ministry
The Goods and Services Tax (GST) collection for January 2024 has recorded the second-highest monthly collection ever, according to the Ministry of Finance.
New Delhi, January 31: The Goods and Services Tax (GST) collection for January 2024 has recorded the second-highest monthly collection ever, according to the Ministry of Finance. As per the Ministry data, the year-over-year growth in the 10 months was 11.6 percent while the growth in the month was 10.4 percent.
The gross GST revenue collected in January 2024 stood at Rs 1,72,129 crore, marking a remarkable 10.4 percent year-on-year growth compared to the revenue of Rs 155,922 crore collected in January 2023, as per the data at 5 pm on Wednesday. Additionally, January 2024 marks the third month in this financial year with a collection of Rs 1.70 lakh crore or more, as per the Ministry. Union Budget 2024-25 Live Streaming Online: Date, Time and Where to Watch Finance Minister Nirmala Sitharaman’s Budget Speech? All You Need to Know.
The government has allocated Rs43,552 crore to CGST and Rs 37,257 crore to SGST from the IGST collection, it said. The cumulative gross GST collection from April 2023 to January 2024 witnessed an impressive 11.6 per cent year-on-year growth, reaching Rs 16.69 lakh crore. Indian Economy Likely To Grow 7% Next Financial Year 2024–25, Says Ministry of Finance.
This substantial increase, compared to the Rs 14.96 lakh crore collected in the corresponding period of the previous year (April 2022-January 2023). The data depicts trends in monthly gross GST revenues throughout the current fiscal year, as per the Ministry. It is anticipated that the final collection for the month would surpass the current estimate, further augmenting the overall GST revenue for January 2024.