Goods and Services Tax (GST) collections surged by 10.4 percent to exceed Rs 1.72 lakh crore in January, according to the finance ministry’s announcement on Wednesday. This marks the second-highest monthly collection to date and represents the third month in the current financial year with collections reaching Rs 1.70 lakh crore or more.
In January 2024, the gross GST revenue collected until 5:00 PM on the last day of the month amounted to Rs 1,72,129 crore, reflecting a 10.4 percent year-on-year growth compared to the revenue of Rs 1,55,922 crore collected in January 2023 up to the same time. Furthermore, during the April 2023-January 2024 period, cumulative gross GST collection witnessed an 11.6 percent year-on-year growth until 5:00 PM on January 31, 2024, reaching Rs 16.69 lakh crore. This compares to Rs 14.96 lakh crore collected in the corresponding period of the previous year (April 2022-January 2023). The highest-ever monthly GST collection was recorded in April 2023 at Rs 1.87 lakh crore.
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