GST collections soar by 10 per cent to ₹1.72 lakh crore in January, says finance ministry

The government has settled ₹43,552 crore to CGST and ₹37,257 crore to SGST from the IGST collection, the ministry statement added.

Updated on: Jan 31, 2024, 20:05:48 IST

By HT News Desk

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India's goods and services tax (GST) collection in January 2024 stood at ₹1,72,129 crore, registering a 10.4% Year-o-Year (Y-oY) growth over the revenue of ₹155,922 crore collected in January 2023, the finance ministry said in a statement.

It 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, the ministry statement added.

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

The highest-ever monthly GST collection was recorded in April 2023 at ₹1.87 lakh crore.

The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report.

India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy.

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