In a robust fiscal performance, India’s Goods and Services Tax (GST) collections witnessed a substantial 10.4% year-on-year growth, totaling ₹1,72,129 crore in January 2024.
This achievement marks the second-highest monthly collection ever recorded and the third instance in the current financial year where collections surpassed ₹1.70 lakh crore. The Finance Ministry revealed that the cumulative gross GST collection from April 2023 to January 2024 exhibited an impressive 11.6% year-on-year growth, surging to ₹16.69 lakh crore. This substantial increase, compared to the ₹14.96 lakh crore collected during the same period in the previous fiscal year (April 2022-January 2023), indicates a robust fiscal trajectory.
The data, showcasing monthly gross GST revenues, highlights the consistent growth trends throughout the current fiscal year. The government’s proactive revenue management measures, coupled with the buoyancy of economic activities, contributed to this notable fiscal achievement. The Finance Ministry anticipates that the final collection for January 2024 might surpass the current estimate, further bolstering the overall GST revenue for the month.
India’s resilient GST collections reflect a positive economic outlook and effective fiscal management, providing a solid foundation for sustained economic growth in the coming months.