NEW DELHI: The gross GST revenue collection in January stood at Rs 1.72 lakh crore, reflecting a 10.4% year-on-year growth compared to Rs 1.55 lakh crore collected in January 2023, according to the government data.
This marks the second highest monthly collection ever and the third month in the current financial year with a collection of Rs 1.70 lakh crore or more.
From the IGST collection, the government has settled Rs 43,552 crore to CGST and Rs 37,257 crore to SGST. From April 2023 to January 2024, the cumulative gross GST collection saw an 11.6% year-on-year growth, reaching Rs 16.69 lakh crore, in contrast to Rs 14.96 lakh crore collected in the same period of the previous year (April 2022-January 2023).
The average monthly GST collection in the first 10 months of the financial year has been Rs 1.67 lakh crore, which is Rs 17,000 higher than the average monthly collection of Rs 1.5 lakh in 2022-23.
Manish Mishra, Partner, JSA Advocates and Solicitors said, “Robust GST collections for January 2024 are an indicator of healthy economic growth. The fact that it is the second highest collection in a month since introduction of GST, is attributable to increased collection efforts on part of the authorities coupled with the fact that a lot of notices issued to the asessees have been adjudicated and demands have been confirmed and realised.”
“One expects that this buoyancy in tax collections will continue in near future as well due to economy firing on all cylinders and increased recovery efforts by the authorities close to the end of the financial year,” Mishra added. As per Vivek Jalan, Partner, Tax Connect Advisory, GST collections have been consistently rising and have almost doubled from an average of around 0.85 lakh crore in FY 17-18 to around than Rs 16.5 lakh crore in FY24.