Gross GST Revenue Reaches ₹1,72,129 Crore in January 2024

New Delhi: The gross GST revenue collected in January 2024, until 05:00 PM on the last day of the month, stands at ₹1,72,129 crore, exhibiting a substantial 10.4% YoY growth over the revenue collected in January 2023, which amounted to ₹155,922 crore for the same period. This achievement marks the second-highest monthly collection ever and the third month in the current fiscal year with collections surpassing ₹1.70 lakh crore.

Significantly, the government has settled ₹43,552 crore to CGST (Central Goods and Services Tax) and ₹37,257 crore to SGST (State Goods and Services Tax) from the IGST (Integrated Goods and Services Tax) collection.

For the cumulative period of April 2023 to January 2024, the gross GST collection has witnessed a robust 11.6% YoY growth (as of 05:00 PM on 31.01.2024), amounting to ₹16.69 lakh crore. This reflects a substantial increase from the ₹14.96 lakh crore collected during the corresponding period of the previous fiscal year (April 2022 to January 2023).

The chart above illustrates the monthly trends in gross GST revenues for the current fiscal year, with the data reflecting collections until 05:00 PM on 31.01.2024. It’s noteworthy that the final collection for the month is anticipated to be higher.