GST Collection Soars 10% in January to Record ₹1.72 Lakh Crore, Marking Second-Highest Ever

In a commendable financial feat, the Centre reported a 10.4% surge in Goods and Services Tax (GST) revenue for January, reaching an impressive ₹1,72,129 crore. This milestone represents the second-highest GST collection ever recorded, with the ₹1.7 lakh crore benchmark surpassed for the third time in the fiscal year 2023-24. The Ministry of Finance disclosed that the robust growth is indicative of a significant year-on-year increase, showcasing a notable rise from the ₹1,55,922 crore collected in January 2023.

GST Collection Surges: January 2024 Records Second-Highest Ever at ₹1.72 Lakh Crore

1. Impressive Growth: The Ministry of Finance reported a 10.4% YoY growth in GST revenue, highlighting the economy’s robustness.
2. Second-Highest Ever: January 2024 witnessed the second-highest GST collection ever, signaling a healthy financial trajectory.
3. Consistent Performance: This marks the third instance in the fiscal year 2023-24 where collections surpassed the ₹1.7 lakh crore mark, showcasing sustained fiscal strength.
4. Cumulative Growth: From April 2023 to January 2024, the cumulative gross GST collection recorded an 11.6% YoY growth, reaching ₹16.69 lakh crore, compared to ₹14.96 lakh crore in the corresponding period of the previous fiscal year (April 2022-January 2023).