01.02.2024: GST collections in January at Rs 1.72 lakh crore, second-highest ever

The government's Goods and Services Tax (GST) collections rose to Rs 1.72 lakh crore in January, according to provisional data released by the Ministry of Finance on January 31.

“The data is as of 5PM today. Final collection for the month would be higher,” the finance ministry said in a statement.

At Rs 1.72 lakh crore, the January GST collections is the second-highest ever and is 4.4 percent higher than the Rs 1.65 lakh crore collected in December 2023. It also takes the average monthly collection in 2023-24 to Rs 1.67 lakh crore.

Compared to the GST collected till 5PM on January 31, 2023 – or Rs 1.56 lakh crore – the provisional number for the current month is 10.4 percent higher. However, when compared to the final figure of Rs 1.58 lakh crore for January 2023, the GST collected as of 5PM today is up 9.3 percent.

GST data is normally released on the first day of every month. However, with the interim Budget for 2024-25 set to be presented on February 1, the finance ministry is releasing provisional data on January 31.

This is the 11th month in a row that the monthly GST collection has come in above the Rs 1.5-lakh-crore mark.

Monthly GST collections have risen over the years. From averaging under Rs 1 lakh crore per month in 2017-18 – its first year – collections rose rapidly after the pandemic-hit 20202-21 to average Rs 1.51 lakh crore in 2022-23.

In its statement, the finance ministry said the government has settled Rs 43,552 crore to Central GST and Rs 37,257 crore to State GST from the Integrated GST that has been collected so far this month. It did not provide final figures for Central GST, State GST, or the cess that has been collected.

“During the April 2023-January 2024 period, cumulative gross GST collection witnessed 11.6 percent year-on-year growth (till 5PM of January 31, 2024), reaching Rs 16.69 lakh crore, as against Rs 14.96 lakh crore collected in the same period of the previous year,” the finance ministry added.

Source: Money Control

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