India records second-highest monthly GST collection in January 2024
In January 2024, India recorded a gross GST revenue collection of ₹1,72,129 crore, reflecting a notable Year-on-Year (Y-o-Y) growth of 10.4% compared to the revenue of ₹155,922 crore collected in January 2023. This marks the second-highest monthly collection ever and signifies the third month in the current fiscal year with collections of ₹1.70 lakh crore or more. The government has allocated ₹43,552 crore to CGST and ₹37,257 crore to SGST from the IGST collection.
For the cumulative period of April 2023 to January 2024, the gross GST collection witnessed a substantial Y-o-Y growth of 11.6%, totaling ₹16.69 lakh crore. This compares to ₹14.96 lakh crore collected in the same period of the previous year (April 2022 to January 2023). The consistent growth in GST revenue reflects positive economic momentum and effective tax administration during this period.