Gross GST revenue rises 12.3% to about Rs 1.96 trn in January: Govt data

Goods and Services Tax (GST) collections for the month of January is at Rs 1.96 trillion (Rs 1,95,506 crore), an increase of 12.3 per cent year-on-year (Y-o-Y)  on higher domestic economic activity, according to the government data released on Saturday.  For the previous month, India's GST collections rose 7.3 per cent to Rs 1.77 trillion in compared to the data for December in previous financial year. 

This includes 10.4 per cent growth in revenue from sale of goods and services domestically at Rs 1.47 trillion and 19.8 per cent rise in tax revenue from imported goods at Rs 48,382 crore. 

Refunds of Rs 23,853 crore were issued during the month, a rise of 24 per cent.  Total net GST revenue, after adjusting refunds, stood at Rs 1.72 trillion, higher by 10.9 per cent. 

The government has estimated GST revenue to increase 11 per cent to Rs 11.78 trillion (including Central GST and compensation cess) in the Budget presented on Saturday.