GST collection in January rises 10% YoY to Rs 1.72 lakh crore, second highest ever

Centre on Wednesday reported 10.4% increase in goods and services tax (GST) revenue in January at Rs 1.72 lakh crore. 

At Rs 1,72,129 crore, GST collections are second highest ever and they crossed Rs 1.7 lakh crore-mark for the third time in FY24.

"The gross GST revenue collected in the month of January, 2024 (till 05:00 PM of 31.01.2024) is Rs 1,72,129 crore, which shows a 10.4% Year-o-Year (Y-oY) growth over the revenue of Rs 1,55,922 crore collected in January 2023 (till 05:00 PM on 31.01.2023)," said Ministry of Finance in a statement. 

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 Rs 16.69 lakh crore, as against Rs 14.96 lakh crore collected in the same period of the previous year (April 2022-Jannuary 2023).