Budget 2024: Government on track to exceed GST collection target for FY24
Budget 2024: In November, the total Goods and Services Tax collection amounted to Rs 1.68 lakh crore, the ninth month in a row that the monthly mop-up exceeded Rs 1.5 lakh crore.
The government will likely collect more Goods and Services Tax (GST) this financial year than it expected to, with a continuous rise in the monthly mop-up suggesting the Budget estimate for 2023-24 could be revised upwards when Finance Minister Nirmala Sitharaman presents the Interim Budget for 2024-25 on February 1, 2024.
In the first eight months of 2023-24, total GST collections have amounted to Rs 13.32 lakh crore, 12 percent more than what was collected in April-November 2022. Monthly collections have also been going up steadily ever since the new indirect tax regime was rolled out on July 1, 2017, as Sitharaman has told Parliament.
"GST collection rose to a record high of Rs 1.87 lakh crore in April 2023. Further, monthly GST collection during current financial year has crossed the Rs 1.50 lakh crore-mark each time till now," the finance minister said in response to a question in the Lok Sabha on December 4.
As per the latest data for November, released on December 1, GST collections have stayed above above the Rs 1.5-lakh-crore mark for nine consecutive months. The data for November also took the average monthly collection in 2023-24 to Rs 1.67 lakh crore, up from Rs 1.51 lakh crore in 2022-23, Rs 1.24 lakh crore in 2021-22, Rs 94,734 crore in 2020-21, Rs 1.02 lakh crore in 2019-20, Rs 98,114 crore in 2018-19 and Rs 89,885 crore in 2017-18.
