India’s GST Collections Surge to Rs 1.72 Lakh Crore in January, Marking Second-Highest Monthly Total

The latest provisional data from the Ministry of Finance reveals a robust growth in India’s Goods and Services Tax (GST) collections, reaching Rs 1.72 lakh crore in January. The announcement, made on January 31, indicates a noteworthy upswing in revenue, with the finance ministry emphasizing that the final collection for the month is anticipated to surpass the provisional figure.

At Rs 1.72 lakh crore, January’s GST collections stand as the second-highest ever recorded, displaying a 4.4% increase from the Rs 1.65 lakh crore collected in December 2023. Furthermore, this achievement contributes to an average monthly collection of Rs 1.67 lakh crore in the ongoing fiscal year of 2023-24.

Comparing the provisional data with the GST collections till 5 PM on January 31, 2023 (Rs 1.56 lakh crore), the current month’s figure reflects an impressive 10.4% surge. However, when measured against the final GST collection of Rs 1.58 lakh crore for January 2023, the growth as of 5 PM on the same day is substantial at 9.3%.

This positive trajectory in GST collections signals encouraging economic trends, providing insights into the fiscal health of the nation. The government’s continuous efforts to streamline tax administration and enhance compliance are evidently contributing to this noteworthy financial performance.