What the Finance Ministry told: According to the GST data released by the Finance Ministry, the total GST collection in January 2024 has been Rs 172129 crore. Out of the integrated GST collection, the government has given Rs 43552 crore in CGST and Rs 37257 crore in SGST. The government has given Rs 40057 crore to CGST and Rs 33652 crore to SGST out of IGST under regular settlement. GST collection in the 10 months from April to January in the current financial year has been Rs 16.69 lakh crore, which is 11.6 percent more than Rs 14.96 lakh crore collected in the same period of the last financial year.
Why is the collection increasing? The Central Government is continuously improving the GST system. Improvements are being made in many ways. Despite all the adverse circumstances, the strengthening of the economy, purchases during the festive season and reforms made by the government in GST are mainly responsible for the increase in collections.
According to Finance Ministry data, the gross GST revenue collected in January 2024 is Rs. 1,72,129 crore, which is Rs. collected in January 2023. Revenue of Rs 155,922 crore shows a growth of 10.4% YoY. This is the second highest monthly GST collection ever and the third month in this financial year that GST collection of Rs 1.70 lakh crore or more has been done. During the said period, the government collected Rs 43,552 crore as CGST and Rs 37,257 crore as SGST under IGST collection.
Why is GST collection important for the government? GST collection is a big source of income for the government. This money is used in government programs and schemes brought in public interest. Increase in GST collection is a sign of the strength of the economy. This shows that people have money and they are also spending it. This keeps the economy healthy.