GST Collections Rise by 12.3% to Rs 1.96 Lakh Crore in January
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Synopsis
In January, GST collections soared by 12.3% year-on-year, reaching Rs 1.96 lakh crore, driven by increased economic activity. This includes Rs 1.47 lakh crore from domestic sales and Rs 48,382 crore from imports. The government anticipates a further rise in GST revenue in the upcoming fiscal year.
Key Takeaways
- GST collections increased by 12.3% to Rs 1.96 lakh crore.
- Domestic sales contributed Rs 1.47 lakh crore.
- Growth rate decreased from 8.5% in November.
- Central GST revenue was Rs 36,100 crore.
- Projected GST revenue growth is 11%.
New Delhi, Feb 1 (NationPress) The Goods and Services Tax (GST) collections for January experienced a remarkable increase of 12.3 per cent year-on-year, reaching Rs 1.96 lakh crore. This surge can be attributed to heightened economic activity throughout the month, as per the official data released on Saturday.
Of this amount, Rs 1.47 lakh crore originated from the sale of goods and services within the domestic market, alongside a tax revenue of Rs 48,382 crore from imported goods.
In December, GST collections had already shown a 7.3 per cent increase, totaling Rs 1.77 lakh crore compared to the same month the previous year.
This growth rate has seen a decline from the 8.5 per cent rise recorded in November, which was influenced by a deceleration in economic activity following the festive season.
Central GST collections amounted to Rs 36,100 crore, while states collected Rs 44,900 crore.
Moreover, during this month, integrated GST collections were reported at Rs 1.01 lakh crore. In addition, the GST cess collections stood at Rs 13,400 crore.
The government has projected an 11 per cent growth in GST revenue, estimating it to reach Rs 11.78 lakh crore (inclusive of Central GST and compensation cess) in the Budget announced on Saturday.
In the FY'25 Budget, gross tax revenue is forecasted at Rs 38.40 lakh crore, representing an 11.72 per cent increase from FY'24.
This projection includes Rs 22.07 lakh crore from direct taxes (personal income and corporate tax) and Rs 16.33 lakh crore from indirect taxes (which encompasses GST customs duties).
The net market borrowing for the Budget has been established at Rs 11.54 crore, with the remaining funds sourced from small savings schemes, as stated by the Finance Minister.
The government's gross borrowing target for FY26 has been adjusted upwards by 5.7 per cent to Rs 14.82 lakh crore, compared to the earlier target of Rs 14.01 lakh crore for FY25.
