News Brief
India's GST Collection Surges By 10.4 Per Cent To Rs 1.72 Lakh Crore; Second Highest Ever
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India's Goods and Services Tax (GST) collection in January rose by 10.4 per cent to reach Rs 1.72 lakh crore, the second highest receipts since the inception of the GST regime.
The highest-ever monthly GST collection was recorded in April 2023 at Rs 1.87 lakh crore.
"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 Year-o-Year (Y-oY) growth over the revenue of Rs 155,922 crore collected in January 2023 (till 05:00 PM on 31.01.2023)," the Finance Minister said on Wednesday (31 January).
According to the ministry, this is the second highest monthly collection ever and marks the third month in the financial year 2023-24 with collection of Rs 1.7 lakh or more.
The government has settled Rs 43,552 crore to CGST and Rs 37,257 crore to SGST from the IGST collection, the ministry said.
"During the April 2023-January 2024 period, cumulative gross GST collection witnessed 11.6 per cent y-o-y growth (till 05:00 PM of 31.01.2024), reaching Rs 16.69 lakh crore, as against Rs 14.96 lakh crore collected in the same period of the previous year (April 2022-Jannuary 2023)," the ministry added.
This comes as a Finance Ministry report has predicted that the Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 which starts this April.
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