January GST collection grows 4.4% to Rs 1.72 lakh cr
New Delhi: The government's Goods and Services Tax (GST) collections surged to Rs 1.72 lakh crore in January, according to the provisional data released by the Ministry of Finance on Wednesday.
According to a statement from the finance ministry, "The data is as of 5 PM today. The final collection for the month would be higher."
The January GST collections of Rs 1.72 lakh crore marks the second-highest ever recorded and represents a 4.4 percent increase from the Rs 1.65 lakh crore collected in December 2023. Furthermore, this figure contributes to an average monthly collection of Rs 1.67 lakh crore for the fiscal year 2023-24.
In contrast to the GST collection of Rs 1.56 lakh crore until 5 PM on January 31, 2023, the current month's provisional figure 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 5 PM today has increased by 9.3 percent.
The GST data is released on the first day of each month. However, due to the presentation of the interim Budget for 2024-25 on February 1, the finance ministry is providing provisional data on January 31.
This marks the 11th consecutive month in which monthly GST collections have exceeded the Rs 1.5-lakh-crore threshold.
Over the years, there has been a steady increase in monthly GST collections. Initially averaging under Rs 1 lakh crore per month in its inaugural year of 2017-18, collections witnessed a rapid surge post the pandemic-hit year of 2020-21, reaching an average of Rs 1.51 lakh crore in 2022-23.
According to the statement from the finance ministry, the government has disbursed Rs 43,552 crore to Central GST and Rs 37,257 crore to State GST from the Integrated GST collected in the current month. However, specific final figures for Central GST, State GST, or the collected cess were not provided.
"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.
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