The Ministry of Finance has released the latest figures for GST collections in January 2024, revealing a noteworthy growth and marking a significant milestone in the fiscal year 2023-24.
As of 5:00 PM on January 31, 2024, the gross GST revenue collected for the month stands at ₹1,72,129 crore. This reflects a robust 10.4% Year-on-Year (YoY) growth compared to the ₹155,922 crore collected in January 2023 by the same time. Notably, this achievement marks the second-highest monthly collection ever recorded, showcasing the resilience and consistency in GST revenue generation.
The government has efficiently allocated ₹43,552 crore to CGST and ₹37,257 crore to SGST from the IGST collection, further streamlining the distribution process.
Examining the cumulative gross GST collection for the April 2023-January 2024 period, the figures present an 11.6% YoY growth. The total collection for this 10-month period amounts to ₹16.69 lakh crore, compared to ₹14.96 lakh crore collected in the corresponding period of the previous fiscal year (April 2022-January 2023). This indicates a steady and sustained growth trend in GST revenue.
The chart below illustrates the trends in monthly gross GST revenues during the current fiscal year. While the data is as of 5:00 PM on January 31, 2024, it’s important to note that the final collection for the month is expected to be higher.
Conclusion: The January 2024 GST collections, totaling ₹1,72,129 crore, showcase a commendable 10.4% YoY growth, reaffirming the strength of the GST system. With this being the second-highest monthly collection ever, the fiscal year 2023-24 demonstrates resilience and consistent revenue performance. The efficient distribution of IGST further highlights the government’s strategic financial management. As the fiscal year progresses, monitoring these trends will be crucial for understanding economic dynamics and revenue stability.
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Ministry of Finance
₹1,72,129 crore gross GST revenue collected during January 2024; records 10.4% Year-on-Year growth
At ₹1,72,129 crore, GST collections are 2nd highest ever; crosses ₹1.70 lakh crore mark for the third time in FY 2023-24
With overall collection reaching ₹16.69 lakh crore, GST collections register 11.6% Y-o-Y growth in 10-month period
Posted On: 31 JAN 2024
The gross GST revenue collected in the month of January, 2024 (till 05:00 PM of 31.01.2024) is ₹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 (till 05:00 PM on 31.01.2023).
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 chart below shows trends in monthly gross GST revenues during the current year. The data is as of 05:00 PM today (i.e. 31.01.2024). Final collection for the month would be higher.
Chart: Trends in GST Collection
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