Good news for the government before the budget, GST collection increased by 10 percent

Before the presentation of the interim budget, the government got good news on the economic front. The gross GST revenue collected in January this year increased by 10.4 per cent to Rs 1,72,129 crore compared to the figure of Rs 155,922 crore for January 2023. This reflects the high level of economic activity in the country. Let us tell you that this is the second-highest monthly collection so far and this is the third month in this financial year with a collection of Rs 1.70 lakh crore or more. The government has given Rs 43,552 crore to CGST and Rs 37,257 crore to SGST from IGST collection.

According to the GST data released by the Finance Ministry, the total GST collection in January 2024 has been Rs 172129 crore. Out of the integrated GST collection, the government has given Rs 43552 crore in CGST and Rs 37257 crore in SGST. The government has given Rs 40057 crore to CGST and Rs 33652 crore to SGST out of IGST under regular settlement. GST collection in the 10 months from April to January in the current financial year has been Rs 16.69 lakh crore, which is 11.6 per cent more than Rs 14.96 lakh crore collected in the same period of the last financial year.

The Central Government is continuously improving the GST system. Improvements are being made in many ways. Despite all the adverse circumstances, the strengthening of the economy, purchases during the festive season and reforms made by the government in GST are mainly responsible for the increase in collections.

GST collection is a major source of income for the government. This money is used in government programs and schemes brought in the public interest. An increase in GST collection is a sign of the strength of the economy. This shows that people have money and they are also spending it. This keeps the economy healthy.