New Delhi [India], February 1 : 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 collection was to the tune of Rs 1.74 lakh crore.
CGST, SGST, IGST, and cess all showed an increase on year-on-year basis in December 2024, official data made available showed today.
So far in 2024-25 (April-January), the total GST collection has been 9.4 per cent higher at Rs 18.29 lakh crore, as against Rs 16.71 lakh crore mopped up in the corresponding period of 2023-24.
In April 2024, the total GST mop-up surged to a record high of Rs 2.10 lakh crore.
During the financial year 2023-24, the total gross GST collection was recorded at Rs 20.18 lakh crore, with an 11.7 per cent increase compared to the previous fiscal year.
The recent GST collections reflects a positive trajectory for India's economy, underscoring robust domestic consumption and buoyant import activity. The figures bode well for the country's fiscal health and economic recovery efforts, signalling resilience amidst global uncertainties.
The Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for five years.
Hair oil, toothpaste, soap; detergents and washing powder; wheat; rice; curd, lassi, buttermilk; wristwatches; TV up to 32 inches; refrigerators; washing machines, mobile phones, are among key items on which GST rates have been slashed substantially, or for some kept at zero, benefiting people of this country. From time to time, the list is being revised with the approval of the Council.
The GST Council, a federal body comprising the Union Finance Minister as its Chairman and Finance Ministers of all States as members, has played its part in the forum.
The latest meeting of the GST Council was held on December 21 at Jaisalmer, Rajasthan.