₹1.56 lakh cr GST collection in January stands second-highest ever
By MYBRANDBOOK
As per the finance ministry, India collected Rs 1.56 lakh crore as Goods and Services Tax (GST) in January. After April 2022, the GST collections for January are second only at Rs 1.56 lakh crore. It is up 10.6 percent from the first month of 2022 and 4.3 percent higher from December 2022. This means GST collections have now exceeded the Rs 1.4-lakh crore mark for 11 months in a row.
"The gross GST revenue collected in the month of January 2023 till 5:00 PM on January 31, 2023 is Rs 1,55,922 crore of which CGST is Rs 28,963 crore, SGST is Rs 36,730 crore, IGST is Rs 79,599 crore (including Rs 37,118 crore collected on import of goods) and cess is Rs 10,630 crore (including Rs 768 crore collected on import of goods)," said Ministry of Finance.
The government has settled Rs 38,507 crore to CGST and Rs 32,624 crore to SGST from IGST as regular settlement. The total revenue of Centre and the states in the month of January 2023 after regular settlement is Rs 67,470 crore for CGST and Rs 69,354 crore for the SGST. While tax collections have increased robustly in 2022-23, economists see them growing at a slower pace next year on account of lower nominal GDP growth.
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