Summary of Gross GST Revenue Collection for January 2024

  • Amount: ₹1,72,129 crore

  • Year-on-Year Growth: 10.4%

  • Significance: Second highest monthly collection ever; third month in FY 2023-24 with collection of ₹1.70 lakh crore or more

  • Allocation: ₹43,552 crore to CGST and ₹37,257 crore to SGST from IGST collection

  • 10-Month Period (April 2023-January 2024): Cumulative gross GST collection witnessed 11.6% year-on-year growth, reaching ₹16.69 lakh crore

  • Chart Below: Shows trends in monthly gross GST revenues during the current year. The data is as of 05:00 PM on 31.01.2024.

₹1,72,129 crore gross GST revenue collected during January 2024; records 10.4% Year-on-Year growth

At ₹1,72,129 crore, GST collections are 2nd highest ever; crosses ₹1.70 lakh crore mark for the third time in FY 2023-24

With overall collection reaching ₹16.69 lakh crore, GST collections register 11.6% Y-o-Y growth in 10-month period

The gross GST revenue collected in the month of January, 2024 (till 05:00 PM of 31.01.2024) is ₹1,72,129 crore, which shows a 10.4% Year-o-Year (Y-oY) growth over the revenue of ₹155,922 crore collected in January 2023 (till 05:00 PM on 31.01.2023).

Notably, this is the second highest monthly collection ever and marks the third month in this financial year with collection of ₹1.70 lakh crore or more. The government has settled ₹43,552 crore to CGST and ₹37,257 crore to SGST from the IGST collection.

During the April 2023-January 2024 period, cumulative gross GST collection witnessed 11.6% y-o-y growth (till 05:00 PM of 31.01.2024), reaching ₹16.69 lakh crore, as against ₹14.96 lakh crore collected in the same period of the previous year (April 2022-Jannuary 2023).

The chart below shows trends in monthly gross GST revenues during the current year. The data is as of 05:00 PM today (i.e. 31.01.2024). Final collection for the month would be higher.

 

 

 

SOURCES : Business Discover (January 31, 2024)

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