GST revenues rev up to second-highest ever in Jan.
India’s Goods and Services Tax (GST) regime delivered its second-highest monthly revenues of Rs. 1,72,129 crore in January, as per data collected by Wednesday evening and shared by the Finance Ministry.
While the ultimate overall GST tally for January is likely to be higher as taxpayers will be able to file returns till the midnight of January 31, the revenues reported till 5 pm reflected a 10.4% uptick, a tad faster than the three-month low of 10.3% recorded in December 2023.
On a sequential basis, January’s revenues are 4.4% above December’s Rs. 1,64,882 crore collections, snapping a two-month streak of month-on-month contractions in the GST kitty. Experts said that the GST authorities’ focus on completing audits and probes for past years’ dues also provided a fillip to January’s revenues which are linked to transactions undertaken in December 2023.
