GST collections rise to 10.4% to Rs 1.72 lakh crore in January: Finance Ministry

GST Collections: At Rs 1,72,129 crore, the gross GST collections for January 2024 saw a 10.4 per cent year-over-year (Y-o-Y) growth, according to a press release by the Ministry of Finance on Wednesday, January 31. Last year, the GST collections were at Rs 1.55 lakh crore for the month of January.

This is overall the second-highest GST collection and the third time that the collections have crossed the Rs 1.70 lakh crore mark in FY 2023–24.

In the 10 months of the fiscal year, from April 2023 to January 2024, the overall collection reached Rs 16.69 lakh crore, which is 11.6 per cent Y-o-Y growth. In the previous fiscal year, a total of Rs 14.96 lakh crore was collected in the same period.

The government had settled Rs 43,552 crore to CGST and Rs 37,257 crore to SGST from the IGST collection. The data is as of 5:00 pm January 31 and collections would be higher for the month.

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.