GST Collections Rise To Second Highest-Ever At Rs 1.72 Lakh Crore In January

During the April 2023-January 2024 period, gross GST collection saw 11.6 per cent YoY growth, reaching Rs 16.69 lakh crore against Rs 14.96 lakh crore collected in the same period last year

Goods and Services Tax (GST) collections rose 10.4 per cent to over Rs 1.72 lakh crore in January, the finance ministry said on Wednesday, a day before the interim Budget. This is the second-highest monthly collection ever and marks the third month in this financial year with a collection of Rs 1.70 lakh crore or more, the government said. "The gross GST revenue collected in the month of January 2024 (till 05:00 pm of 31.01.2024) is Rs 1,72,129 crore, which shows a 10.4 per cent YoY growth over the revenue of Rs 1,55,922 crore collected in January 2023 (till 05:00 pm on 31.01.2023)," the ministry said.

During the April 2023-January 2024 period, cumulative gross GST collection saw 11.6 per cent year-on-year growth (till 05:00 PM of 31.01.2024), reaching Rs 16.69 lakh crore against Rs 14.96 lakh crore collected in the same period of the previous year (April 2022-January 2023).

The highest-ever monthly GST collection was recorded in April 2023 at Rs 1.87 lakh crore. Monthly GST collections have also seen a spike over the years. From averaging under Rs 1 lakh crore per month in 2017-18, its first year, collections jumped rapidly after the pandemic-hit 20202-21 to average Rs 1.51 lakh crore in 2022-23.

The finance ministry in a statement said the government has settled Rs 43,552 crore to Central GST and Rs 37,257 crore to State GST from the Integrated GST that has been collected so far this month. It did not provide final figures for Central GST, State GST, or the cess that has been collected.

"During the April 2023-January 2024 period, cumulative gross GST collection witnessed 11.6 per cent YoY growth (till 5PM of January 31, 2024), reaching Rs 16.69 lakh crore, as against Rs 14.96 lakh crore collected in the same period of the previous year," the finance ministry added.

In December last year, Finance ministry said that GST filers increased by about 65 per cent in the five years since the tax was introduced. The data shared by the ministry revealed that the number of GST filers surged 65 per cent to touch 1.13 crore in the five years between the 2017-18 fiscal year and 2022-23 fiscal year. 

Source: Finance Ministry