GST India ka unified indirect tax hai jo compliance ko structured banata hai; ye guide is topic ke rules aur practical steps cover karti hai.

Goods and Services Tax (GST) collections for January 2024 reached ₹1,72,129 crore, a notable increase from the ₹1,64,882 crore recorded in December 2023. This figure marks the second-highest monthly collection since GST was first implemented. Moreover, it represents the third-highest collection for the fiscal year 2023-24, demonstrating a year-over-year revenue growth of 10.4%.

Breakdown of January 2024 GST Collections

The Ministry of Finance has not yet released a detailed breakdown of total GST collections, including figures for CGST, SGST, IGST, and Cess, nor information on collections from imported goods. However, a Press Information Bureau (PIB) report from January 31, 2024, provided data up to 5 P.M. on that date. According to this report, the Central government allocated ₹43,552 crore to CGST and ₹37,257 crore to SGST from the Integrated GST collections in January 2024.

Analysis of January 2024 GST Revenue Performance

January 2024 GST collections demonstrated a significant increase compared to the previous month. This represents the second-highest monthly collection ever recorded and marks the third instance in the current financial year where collections have exceeded ₹1.70 lakh crore. Additionally, these figures reflect a 10.4% year-on-year (YoY) growth when compared to the ₹155,922 crore collected in January 2023 (data up to 5 P.M. on January 31, 2023).

In contrast, GST collections for December 2023 saw a decline compared to the preceding month, although they still showed an annual growth of 12% for FY 2023-24. The gross GST collection surpassed the ₹1.60 lakh crore threshold for the seventh time in FY 2023-24. Over the first nine months of FY 2023-24, the average gross GST collection was ₹1.66 lakh crore.

From April 2023 to January 2024, the total gross GST collection experienced an 11.6% year-on-year growth (as of January 31, 2024, 5 PM), reaching ₹16.69 lakh crore. This compares to ₹14.96 lakh crore collected during the same period in the prior year (April 2022-January 2023).

December 2023 GST revenues were 10.3% higher than those from December 2022 on a year-on-year basis, indicating consistent progressive YoY growth in monthly GST collections.

State-wise GST Collections for January 2024

As of now, the PIB has not published specific state-wise GST collection figures for January 2024. The GST Collections January 2024 report was released by the Ministry of Finance on the PIB website on January 31, 2024.

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