GST January collections surge to second highest ever at 1.72 lakh crore
The gross GST revenue collection in January stood at Rs 1.72 lakh crore, reflecting a 10.4% year-on-year growth compared to Rs 1.55 lakh crore collected in January 2023, according to the government data.
This marks the second highest monthly collection ever and the third month in the current financial year with a collection of Rs 1.70 lakh crore or more.
Cumulative gross GST collection from April 2023 to January 2024 witnessed an 11.60 per cent Year-on-Year growth, totaling Rs 16.69 lakh crore compared to Rs 14.96 lakh crore in the same period the previous year.
Robust GST collections for January 2024 are an indicator of healthy economic growth. The fact that it is the second highest collection in a month since introduction of GST, is attributable to increased collection efforts on part of the authorities coupled with the fact that a lot of notices issued to the asessees have been adjudicated and demands have been confirmed and realised.
The GST collections are in line with the other macroeconomic parameters, which indicate a significant uplift in economic activities, with even the IMF upgrading the growth forecast to 6.7 per cent for FY23-24.
One expects that this buoyancy in tax collections will continue in near future as well due to economy firing on all cylinders and increased recovery efforts by the authorities close to the end of the financial year.
As the taxpayer base continues to grow, it indicates the stabilization of the significant tax reform in Indian history. Overall, expert opinions converge on the notion that these GST collections shows positive economic activity and the successful stabilization of the GST framework in India.
As the taxpayers base has doubled and keeps increasing by the day, these are clear indications that the biggest tax reform in Indian history has stabilised to a large extent.
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