With overall collection reaching ₹16.69 lakh crore, GST collections register 11.6% Y-o-Y growth in 10-month period
With overall collection reaching ₹16.69 lakh crore, GST collections register 11.6% Y-o-Y growth in 10-month period
The gross GST revenue collected in the month of January, 2024is ₹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 finance ministry said on Wednesday.
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 cumulative gross GST collection from April 2023 to January 2024 witnessed an impressive 11.6 per cent year-on-year growth, reaching ₹16.69 lakh crore.
This substantial increase, compared to the ₹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.