New Delhi [India], February 1 (ANI): Goods and Services Tax (GST) collections in January, in gross terms, stood at Rs 1.96 lakh crore, with a yearly jump of 12.3 per cent, according to data from the finance ministry released Saturday.
In January 2024, the total GST collection was Rs 1.74 lakh crore. CGST, SGST, IGST, and cess all showed year-on-year growth in December 2024, as per official data.
For the financial year 2024-25 (April-January), total GST collections have risen by 9.4 per cent to Rs 18.29 lakh crore, compared to Rs 16.71 lakh crore in the corresponding period of 2023-24. In April 2024, the GST mop-up reached a record high of Rs 2.10 lakh crore.
During the financial year 2023-24, gross GST collections amounted to Rs 20.18 lakh crore, reflecting an 11.7 per cent rise over the previous fiscal year.
The recent GST collection figures indicate a strong economic trajectory for India, driven by robust domestic consumption and rising import activity. These numbers suggest fiscal resilience and economic recovery despite global uncertainties.
GST was introduced in India on July 1, 2017, with states assured compensation for any revenue loss due to its implementation for five years under the GST (Compensation to States) Act, 2017.
Several essential goods and consumer items, including hair oil, toothpaste, soap, detergents, washing powder, wheat, rice, curd, lassi, buttermilk, wristwatches, televisions (up to 32 inches), refrigerators, washing machines, and mobile phones, have seen substantial GST rate reductions or exemptions. The GST rate list is periodically revised with the approval of the GST Council.
The GST Council, a federal body chaired by the Union Finance Minister and comprising Finance Ministers of all States, plays a crucial role in policy decisions. The Council’s most recent meeting was held on December 21 in Jaisalmer, Rajasthan.
