GST Revenue Hits Record Rs 1.72 Lakh Crore during Jan 2024, Surges by 10.4% YoY

Last updated: 01 February 2024

Quick Summary
Gross Goods and Services Tax (GST) revenue reached a record high of £1.72 lakh crore in January 2024. This represents a significant 10.4% year-on-year growth compared to January 2023. This collection marks the second-highest monthly figure ever and the third time this financial year that GST revenue has surpassed £1.70 lakh crore. Overall GST collections for the April 2023 to January 2024 period have grown by 11.6% year-on-year.

1,72,129 crore gross GST revenue collected during January 2024; records 10.4% Year-on-Year growth

At ₹1,72,129 crore, GST collections are 2nd highest ever; crosses ₹1.70 lakh crore mark for the third time in FY 2023-24

With overall collection reaching ₹16.69 lakh crore, GST collections register 11.6% Y-o-Y growth in 10-month period

Record GST Revenue: £1.72 Lakh Crore in Jan 2024

The gross GST revenue collected in the month of January, 2024 (till 05:00 PM of 31.01.2024) is ₹1,72,129 crore, which shows a 10.4% Year-o-Year (Y-oY) growth over the revenue of ₹155,922 crore collected in January 2023 (till 05:00 PM on 31.01.2023).

Notably, this is the second highest monthly collection ever and marks the third month in this financial year with collection of ₹1.70 lakh crore or more. The government has settled ₹43,552 crore to CGST and ₹37,257 crore to SGST from the IGST collection.

During the April 2023-January 2024 period, cumulative gross GST collection witnessed 11.6% y-o-y growth (till 05:00 PM of 31.01.2024), reaching ₹16.69 lakh crore, as against ₹14.96 lakh crore collected in the same period of the previous year (April 2022-Jannuary 2023).

The chart below shows trends in monthly gross GST revenues during the current year. The data is as of 05:00 PM today (i.e. 31.01.2024). Final collection for the month would be higher.

Chart: Trends in GST Collection

Chart: Trends in GST Collection

FAQ :

The gross GST revenue collected in January 2024 was £1,72,129 crore.

The GST revenue in January 2024 shows a 10.4% year-on-year growth compared to the £155,922 crore collected in January 2023.

No, this is the second-highest monthly collection recorded to date.

This is the third month in the current financial year where GST revenue has exceeded £1.70 lakh crore.

The cumulative gross GST collection for the April 2023-January 2024 period registered an 11.6% year-on-year growth.



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