GST Collections January 2024: State Wise Break-up of GST Collections in January 2024
GST collection for January 2024 is Rs.1,72,129 crore, rising from Rs.1,64,882 crore in December 2023. January 2024 GST collections set the record for the second-highest monthly collections ever since the inception of GST!
Furthermore, this month’s collections record the third highest for the fiscal year 2023-24, with a yearly revenue growth rate of 10.4% on a Y-o-Y basis!
Break up of GST Collections for January 2024
The complete breakdown of the total GST collections into CGST, SGST, IGST and Cess has not yet been released by the Finance Ministry. No information is available on the collections made from the import of goods.
However, the PIB report dated 31st January 2024 provided the GST collections data collated until 5 P.M. on 31st January 2024.
The report states that the government report indicates that the Centre settled Rs.43,552 crore and Rs.37,257 crore in January 2024 towards CGST and SGST, respectively, out of the Integrated GST collections.
Analysis of the GST Collection for January 2024
The January 2024 GST collections saw a commendable rise from the previous month. It is the second-highest monthly collection ever and marks the third month in this financial year with a collection of Rs.1.70 lakh crore or more.
Furthermore, it shows a Year-on-Year (YoY) growth of 10.4% over the revenue of Rs.155,922 crore collected last year in January 2023 (until 5 P.M. on 31st January 2023).
For December 2023, the GST collections have dropped compared to the previous month. Monthly collections for December 2023 depicted an annual growth of 12% for FY 2023-24. Furthermore, the gross GST collection has crossed Rs.1.60 lakh crore mark for the seventh time in FY 2023-24. Gross GST collection averaged Rs.1.66 lakh crore in the first nine months of FY 2023-24.
For the April 2023-January 2024 period, total gross GST collection saw an 11.6% y-o-y growth (until 5 PM of 31st January 2024), reaching Rs.16.69 lakh crore, as against Rs.14.96 lakh crore collected in the corresponding period of the previous year (April 2022-Jannuary 2023).
The GST revenues for December 2023 were 10.3% higher than the monthly GST collections of December 2022 on a Year-on-Year (Y-o-Y) basis. Hence, there has been a progressive Y-o-Y growth in the monthly GST collections as compared to the previous year.
The chart below shows the YoY comparison of the monthly GST collection in India for FY 2023-24.
Image credit- PIB
GST Collection for January 2024 State-wise
The PIB has not released the state-wise GST collections for January 2024.
The GST Collections January 2024 was released by the Ministry of Finance in a press report on the PIB website on 31st January 2024.
Also Read
GST Collection December 2023
GST Collection November 2023
GST Collection October 2023
GST Collection September 2023
GST Collection August 2023
GST Collection July 2023
GST Collection June 2023
GST Collection May 2023
GST Collection April 2023
GST Collection March 2023
GST Collection February 2023
GST Collection January 2023
Quick Summary
January 2024 GST collections reached Rs.1,72,129 crore, marking the second-highest ever. The Year-on-Year growth rate was 10.4% with a total of Rs.16.69 lakh crore collected from April 2023 to January 2024. However, the detailed break-up by type and state for January 2024 is still pending.
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