The government has collected about Rs 1.72 lakh crore from Goods and Services Tax i.e. GST in January-2024. This is the second highest GST collection till date. Earlier, the highest GST collection of Rs 1.87 lakh crore was done in April 2023.
The GST collection for January 2024 is 10.4% more than a year ago i.e. January 2023, when Rs 1.55 lakh crore was collected from GST. Whereas a month ago in December-2023, the government had collected Rs 1.65 lakh crore from GST.
For the third time in the financial year 2023-24, GST collection has been more than Rs 1.7 lakh crore. This is the 11th consecutive time that the revenue collection has been above Rs 1.5 lakh crore. Apart from this, the country's GST collection has remained above Rs 1.4 lakh crore for 22 consecutive months.
According to the Finance Ministry, GST collection in January 2024 stood at ₹1,72,129 crore. In this, CGST was Rs 43,552 crore and SGST was Rs 37,257 crore.
In the financial year 2023-24 i.e. in the last 10 months (April 2023-January 2024), a total GST collection of Rs 16.69 lakh crore has been done so far. This is 11.6% (YoY) more than the GST collection of ₹14.96 lakh crore for the 10 months (April 2022-January 2023) of the financial year 2022-23. Whereas in the last financial year 2022-23, the total GST collection was Rs 18.10 lakh crore.
GST is an indirect tax. It was implemented in 2017 to replace a variety of previous indirect taxes (VAT), service tax, purchase tax, excise duty and many other indirect taxes. GST has four slabs of 5, 12, 18 and 28%.
