India’s GST collection rises 10.4% to Rs1,72,129 cr in January
01 Feb 2024
Gross revenue collected by way of Goods and Services Tax (GST) in January 2024 stood at Rs1,72,129 crore, recording a 10.4 per cent year-o-year growth over the Rs155,922 crore collected in January 2023, finance ministry stated in a release on Wednesday.
This is the second highest monthly collection so far and marks the third month in the current financial year with GST collection of Rs1.70 lakh crore or more, the release pointed out.
The centre has earmarked Rs43,552 crore towards CGST and Rs37,257 towards SGST from the IGST collection.
During the April 2023-January 2024 period, cumulative GST collection increased by 11.6 per cent y-o-y to Rs16.69 lakh crore, against the Rs14.96 lakh crore collected in the same period of the previous year (April 2022-Jannuary 2023).
GST collections have stayed strong and the revised estimates for the current financial year, which is due to be presented by finance minister Nirmala Sitharaman on Thursday, are expected to see an upward revision.
The steady improvement in GST collection can be attributed to better tax administration and continued expansion of the economy.