This is the second highest collection since the implementation of GST in 2017. The highest was in April 2023 — Rs 1.87 lakh crore. The collection reflects data until 5pm, a finance ministry statement said.
The final numbers may go up marginally, officials said. This is the third time that collections have crossed the Rs 1.70-lakh crore mark.
“The GST collections are in line with the other macroeconomic parameters, which indicate a significant uplift in economic activities, with even the International Monetary Fund (IMF) upgrading the growth forecast to 6.7% for FY24,” said MS Mani, partner, Deloitte India.
Coming on the eve of the interim budget, the January collection figure will provide even greater headroom for embarking on the next stage of GST reforms, Mani added.“This consistent upward trend, evident in surpassing key milestones, reflects the effectiveness of improved tax administration and heightened taxpayer compliance,” said Saurabh Agarwal, tax partner, EY.
The government has settled Rs 43,552 crore toward central GST and Rs 37,257 crore toward state GST from integrated GST collections.
With considerable emphasis on completing audits and investigations relating to earlier years, the number is expected to go up further. “The same collection trajectory in the next two months will ensure that the tax collection targets for the year are comfortably surpassed,” Mani said.
Cumulative collections from April 2023 to January 2024 stood at Rs 16.69 lakh crore, up 11.6% from Rs 14.96 lakh crore in the year-before period.
The indirect tax revenue target for the current fiscal is Rs 15.37 lakh crore, out of which the Centre has budgeted Rs 9.57 lakh crore from GST collections, which includes CGST, the Centre’s share in IGST, and compensation cess.
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