For January 2024 GST collection has achieved the 2nd highest monthly collection. As per the finance ministry, the Year-on-year rise for the first 10 months was 11.6% but the growth in January arrived at 10.4%.
The gross GST revenue obtained is Rs 1,72,129 crore in January 2024 showing a notable 10.4% year-on-year rise compared to the revenue of Rs 155,922 crore collected in January 2023. January 2024 marks the third month in the current financial year with a collection of Rs 1.70 lakh crore or exceeding that, the ministry noted.
Allocation for GST and CGST Collection in January 2024
It mentioned that Rs 43,552 crore to CGST and Rs 37,257 crore to SGST from the IGST collection has been allocated by the government. from April 2023 to January 2024 the cumulative gross GST collection stands at 11.6% year-on-year rise attaining Rs 16.69 lakh crore. The surge compared to Rs 14.96 lakh crore collected in the related period of the previous year (April 2022-January 2023).
The below-stated data shows the trend in the monthly gross GST revenues throughout the present fiscal year, the ministry reported. The final collection for the month shall exceed the present approximation, subsequently increasing the whole GST revenue for January 2024.
What Does the Term Goods and Services Tax Stand For?
GST has arrived after VAT which is operated in India on the supply of goods and services. GST is a digitalized form of VAT in which you can monitor goods and services. Both the VAT and GST secures identical taxation slabs.
It is a complete, multistage, destination-based tax, comprehensive due to the position that it secures the subsumed almost all the indirect taxes rather than certain state taxes.
The GST is split into 5 distinct tax slabs for tax collection- 0 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent. However, petroleum products and electricity are not imposed with tax under GST and are taxed separately by the individual state governments.
