GST revenues grew 12.7% in January

24th Feb 2023

Myonlineprep

Economy

The tax receipt figure for last month was revised to ₹1.59 lakh crore from an earlier estimate of ₹1.56 lakh crore
India’s Goods and Services Tax (GST) revenues grew 12.7% in January 2023 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 GST receipts in January 2022.
“Domestic economic activity remains robust even as a global economic slowdown materializes, 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.