GST collections rise to Rs 1.72 lakh crore in January 2024, second-highest ever

NEW DELHI: The GST collections for January 2024 rose over 10% to Rs 1.72 lakh crore, the second highest monthly mop-up ever since the implementation of the regime.
According to a statement by the finance minister, January is the third month in the current financial year which witnessed a collection of Rs 1.70 lakh crore or more.
“The gross GST revenue collected in the month of January, 2024 is Rs 1,72,129 crore, which shows a 10.4% Year-o-Year (Y-oY) growth over the revenue of Rs 1,55,922 crore collected in January 2023,” the ministry said.

The government said that during the April 2023-January 2024 period, cumulative gross GST collection witnessed 11.6% y-o-y growth, reaching Rs 16.69 lakh crore, as against Rs 14.96 lakh crore collected in the same period of the previous year (April 2022-Jannuary 2023).
It said that the Centre has settled Rs 43,552 crore to CGST and Rs 37,257 crore to SGST from the IGST collection.
The announcement comes a day before the government presents its final Union Budget in Parliament before the 2024 Lok Sabha polls.