New Delhi, Feb 1: Goods and Services Tax (GST) collections for the month of January shot up by 12.3 per cent year-on-year in January to Rs 1.96 lakh crore, on the back of higher economic activity during the month, according to official figures released on Saturday.
This includes Rs 1.47 lakh crore from sale of goods and services in the domestic market a tax revenue of Rs 48,382 crore from imported goods. In the preceding month of December, GST collections rose 7.3 per cent to Rs 1.77 lakh crore compared to the previous year.
This growth slowed from an 8.5 per cent increase in November which is attributed to the slower growth in economic activity after the surge in the festive season. Central GST collections stood at Rs 36,100 crore while the revenue of states was Rs 44,900 crore.
Additionally, for this month, integrated GST collections remained at Rs 1.01 lakh crore. Furthermore, GST cess collections was reported at Rs 13,400 crore. The government has estimated GST revenue to increase 11 per cent to Rs 11.78 lakh crore (including Central GST and compensation cess) in the Budget presented on Saturday.
In the FY’25 Budget, the government projected gross tax revenue at Rs 38.40 lakh crore, marking an 11.72 per cent increase from FY’24. This includes Rs 22.07 lakh crore from direct taxes (personal income and corporate tax) and Rs 16.33 lakh crore from indirect taxes (which includes GST Customs duties.
The net market borrowing for the Budget has been fixed at Rs 11.54 crore while the rest of the funds will come from small savings schemes, the Finance Minister said. The government’s gross borrowing target for FY26 was revised upwards 5.7 per cent to Rs 14.82 lakh crore. Earlier, it was set at Rs 14.01 lakh crore for FY25.
IANS