For the 11th consecutive month, the Goods and Services Tax collection has exceeded the Rs 1.5-lakh-crore threshold (GST collections in January).
As of January 31, according to preliminary figures released by the Ministry of Finance, the Goods and Services Tax (GST) collections for the government exhibited a noteworthy 10.4 percent year-on-year increase in January, reaching a substantial sum of Rs 1.72 lakh crore.
The finance ministry clarified that the data available is up to 5 PM, and the final collection for the month is anticipated to exceed this preliminary amount.
The GST collections for January, totaling Rs 1.72 lakh crore, establish the second-highest figure ever recorded, demonstrating a notable 4.4 percent surge from the preceding month’s collection of Rs 1.65 lakh crore in December 2023 (GST collections in January).
This robust performance further contributes to an average monthly collection of Rs 1.67 lakh crore for the fiscal year 2023-24.
Significantly, this achievement signifies the 11th consecutive month where the monthly GST collection has consistently surpassedthe Rs 1.5-lakh-crore threshold, reflecting a sustained positive trend.
Examining the trajectory of monthly GST collections, a discernible upward pattern is evident over the years (GST collections in January).
Commencing at an average below Rs 1 lakh crore per month during its inaugural year in 2017-18, the collections underwent a substantial acceleration following the pandemic-affected fiscal year of 2020-21, ultimately averaging Rs 1.51 lakh crore in the fiscal year 2022-23. This progression underscores the resilience and growth of GST revenue in recent years.
