The gross GST revenue collected in the month of January this year increased by 10.4 percent to Rs 1,72,129 crore compared to the figure of Rs 155,922 crore for January 2023. This reflects the high level of economic activity in the country. This information was given in the official figures released on Wednesday.
This is the second highest monthly collection ever and the third month with collections of Rs 1.70 lakh crore or more this financial year. The government has settled Rs 43,552 crore to CGST and Rs 37,257 crore to SGST from IGST collections.
During the period April 2023-January 2024, cumulative gross GST collections witnessed a year-on-year growth of 11.6 per cent, reaching Rs 16.69 lakh crore, compared to Rs 16.69 lakh crore in the same period last year (April 2022-January 2023). Rs 14.96 lakh crore was collected. Higher GST collections have enabled the government to keep the fiscal deficit under control and continue its investment in large infrastructure projects to drive growth.