GST collection: Good news for govt ahead of budget, increase in GST collection

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Economy Growth: The Finance Ministry said in a statement that the Goods and Services Tax (GST) collection, the second largest ever, has increased by 10.4 percent to Rs 1.72 lakh crore. This collection is the second largest ever. For the third time in the current financial year, the GST collection has been recorded at Rs 1.70 lakh crore or more.

1,72,129 crores of GST revenue in 10 months

The Finance Ministry has said that the GST revenue was Rs 1,72,129 crore till 5 pm on January 31. Which is 10.4 percent more than the same period last year. It is worth mentioning that the GST collection in January, 2023 was Rs 1,55,922 lakh crore.

GST Collection April 2023 Highest

The total GST collection for the period from April 2023 to January 2024 has been Rs 16.69 lakh crore. Which is 11.6 percent more than the same period last year. The total GST collection for the period from April 2022 to January 2023 was Rs 14.96 lakh crore. The highest ever GST collection was recorded in April 2023 at Rs 1.87 lakh crore.

GST collections indicate a strong economy

Tax experts have said that GST collection is increasing continuously. The average GST collection in FY 2017-18 was Rs 0.85 lakh crore. Which increased to Rs 1.65 lakh crore in the financial year 2023-24. Following the ever-increasing GST collection, the government will have an opportunity to make further GST reforms. 1.72 lakh crore as of January 2024. From the GST collection it can be said that the economic activities in the country are increasing rapidly.

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