January GST collections hit Rs. 1.72 lakh crore up 10.4% y-o-y; second highest since rollout

Gross Goods and Services Tax (GST) collections rose to Rs 1.72 lakh crore in January (for sales in December), up 10.4 per cent from the year-ago period, data released by the Finance Ministry showed. This is the second highest level of GST collections after the July 2017 rollout of the indirect tax regime and marks the third instance of collections over the Rs 1.7 lakh crore mark in this financial year. The highest-ever monthly GST collection was recorded in April 2023 at Rs 1.87 lakh crore.

“The gross GST revenue collected in the month of January, 2024 (till 05:00 PM of 31.01.2024) is Rs 1,72,129 crore, which shows a 10.4% Year-o-Year (Y-oY) growth over the revenue of Rs 155,922 crore collected in January 2023 (till 05:00 PM on 31.01.2023),” the ministry said in a statement.

“Notably, this is the second highest monthly collection ever and marks the third month in this financial year with a collection of Rs 1.70 lakh crore or more,” it said.

With the latest print, GST revenue collections have averaged at Rs 1.67 lakh crore per month during April-January 2023-24, up 11.6 per cent from the monthly average of Rs 1.50 lakh crore seen during April-January 2022-23. The government has settled Rs 43,552 crore to Central GST (CGST) and Rs 37,257 crore to State GST (SGST) from the Integrated GST (IGST) collection.

The GST collections data was released a day earlier than the usual scheduled date of 1st of every month because of the presentation of the Union Budget for financial year 2024-25 in Parliament on February 1. State-wise data of the GST collections was not released by the ministry this time as per the norm.