GST collections rise 10.4% to Rs 1.72 trn in January, second highest-ever

This is the second-highest monthly collection ever and marks the third month in this financial year with a collection of Rs 1.70 lakh crore or more

Goods and Services Tax (GST) collections jumped 10.4 per cent to over Rs 1.72 trillion in January, the finance ministry said on Wednesday.

This is the second-highest monthly collection ever and marks the third month in this financial year with a collection of Rs 1.70 trillion or more.

"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 per cent y-o-y growth over the revenue of Rs 1,55,922 crore collected in January 2023 (till 05:00 PM on 31.01.2023)," the ministry said.

During the April 2023-January 2024 period, cumulative gross GST collection witnessed 11.6 per cent year-on-year growth (till 05:00 PM of 31.01.2024), reaching Rs 16.69 trillion against Rs 14.96 trillion collected in the same period of the previous year(April 2022-January 2023).

The highest-ever monthly GST collection was recorded in April 2023 at Rs 1.87 trillion.