GST REVENUES HIT A RECORD ₹1.59 LAKH CRORE IN JANUARY

  • India’s Goods and Services Tax (GST) revenues grew 12.7% in January to hit almost ₹1.59 lakh crore, the second highest monthly collections on record, as per revised figures from the Finance Ministry.
  • Earlier estimates of GST revenues for January had pegged collections at about ₹1.56 lakh crore till the evening of January 31 — 10.6% higher than the GST receipts in January 2022.
  • Based on the updated GST collections, the Finance Ministry’s monthly economic review released on Thursday said the total GST revenues between April 2022 and January 2023 now stand at ₹14.9 lakh crore, 23.1% higher than the corresponding period of 2021-22.

Robust scenario

  • “Domestic economic activity remains robust even as a global economic slowdown materialises, as evident in the second highest-ever GST collections of ₹1.6 lakh crore in January 2023. GST collections have now remained above the ₹1.4 lakh crore mark for 11 successive months,” the review noted.
  • The review shows year-on-year growth in January’s GST collections at 12.7%, which translates into about ₹1,58,891 crore, compared to collections of ₹1,40,986 crore in January 2022.

SOURCE: THE HINDU, THE ECONOMIC TIMES, PIB

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