Economy & Business

    January 2024 registers Second-Highest Monthly GST Revenue Collection

    The Hawk
    January31/ 2024
    Last Updated:

    January 2024 Marks a Milestone: Second-Highest Monthly GST Collection in India. Ministry of Finance Data Reveals 10.4% Year-on-Year Growth, Reflecting Robust Economic Trends.

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    New Delhi: As per the Ministry of Finances report the Goods and Services Tax (GST) collection for January 2024 has achieved its highest monthly revenue.

    According to data from the Ministry there has been a remarkable 10.4 percent monthly growth in January with a year over year growth of 11.6 percent for the ten month period.

    The gross GST revenue for January 2024 stood at Rs 1,72,129 crore reflecting an increase of 10.4 percent compared to the Rs 155,922 crore collected in January 2023. These figures were recorded as of Wednesday at 5 pm.

    Additionally it is noteworthy that this is the month in this financial year where collections have exceeded Rs 1.70 lakh crore according to the Ministry.

    In terms of fund allocation details CGST received Rs 43,552 crore while SGST received Rs 37,257 crore from the IGST collection.

    The cumulative gross GST collection from April 2023 to January 2024 has displayed year on year growth of around 11.6 percent amounting to a substantial total of Rs16.69 lakh crore. This reflects an increase when compared with the corresponding period, during the previous fiscal year (April2022 January2023) where collections amounted toRs14.96 lakhcrore.
    The Ministry wants to highlight that the data they have provided shows the trends in gross GST revenues for this fiscal year. They expect that the final collection, for January 2024 will surpass the estimate, which will help increase the overall GST revenue for that month.

    —Input from Agencies