In January this year, the gross GST revenue surged by 10.4%, reaching Rs 1,72,129 crore, as compared to the corresponding figures of Rs 155,922 crore recorded in January 2023. This substantial increase reflects the heightened economic activity in the country, marking the second-highest monthly collections ever and the third month in the current financial year with collections of Rs 1.70 lakh crore or more.
The government disbursed Rs 43,552 crore to CGST (Central Goods and Services Tax) and Rs 37,257 crore to SGST (State Goods and Services Tax) from the Integrated Goods and Services Tax (IGST) collection.
Over the period from April 2023 to January 2024, cumulative gross GST collections demonstrated a robust 11.6% year-on-year growth, reaching Rs 16.69 lakh crore. This compares to the Rs 14.96 lakh crore collected in the corresponding period of the previous year (April 2022 to January 2023).
The buoyant GST collections have empowered the government to effectively manage the fiscal deficit and sustain investments in significant infrastructure projects aimed at fostering economic growth.
(With Agency Inputs)