In anticipation of the interim budget for 2024–25, which will be presented on February 1, the Ministry of Finance released provisional GST data on January 31. This deviation from the stipulated release date shows that GST collection figures have remained above one lakh and fifty thousand crores for eleven months in a row.
Since its establishment in 2017–18, the evolution of monthly GST collections has been phenomenal. It began with an average amount of below one lakh crore per month but saw swift growth, particularly after the ruined financial year of the COVID-19 pandemic outbreak, reaching an average level of 1.51 lakh crore in 2022–23.
The total amount collected so far is Rs 16.69 trillion, which is significantly higher than compared to the preceding period of last year when there were collections worth Rs 14.96 trillion made.”
As of 5 PM on January 31, 2024, the provisional GST collection for the month stands at a record-breaking Rs 1.72 lakh crore. This figure is an increase of 4.4% over that of Rs. 1.65 lakh crore in December 2023, which was collected. Importantly, it also brings up the monthly average collection for FY23–24 to approximately Rs 1.67 lakh crore.
Comparatively, by 5 p.m. on January, the first part of this year saw a provisional GST collection that was higher by 10.4% compared to the same period last year where there were collections worth Rs 1.56 lakh crore; however, when placed against last year, that means an impressive rise of 9.3% on that date till now as well as up to five o’clock in the evening, respectively.
Today’s date’s total (provisional) revenue department figures suggest upward movement is likely, as given factually by the finance ministry, demonstrating sustained financial strength or elasticity in tax flow from GST.”