The gross GST revenue collected in the month of January this year went up by 10.4 per cent to Rs 1,72,129 crore compared to the corresponding figures of Rs 155,922 crore for January 2023, reflecting the higher level of economic activity in the country, official figures released on Wednesday showed.
This is the second highest monthly collections ever and marks the third month in this financial year with collection of Rs 1.70 lakh crore or more. The government has settled Rs 43,552 crore to CGST and Rs 37,257 crore to SGST from the IGST collection.
During the April 2023-January 2024 period, cumulative gross GST collections witnessed 11.6 per cent year-on-year growth reaching Rs 16.69 lakh crore, as against Rs 14.96 lakh crore collected in the same period of the previous year (April 2022-Jannuary 2023).
The higher GST collections have enabled the government to keep the fiscal deficit in check and continue its investment in big ticket infrastructure projects to spur growth.
Indian share market ends in red ahead of key global policy decisions
Ahead of key policy decisions especially from the US Federal Reserve, the Indian stock market closed in red on Tuesday as selling was seen in the PSU bank, auto, IT, financial service, pharma, FMCG, metal, and realty sectors of Nifty.
Buy on dips strategy working well in Indian stock market amid sharp rebound
The surge in the Indian stock market on Friday helped the Indian benchmark indices end the week on a positive note. A strong 2,000-point rebound from the lows suggests that the buy-on-dips strategy is working well in the market, experts said on Saturday.
India’s GDP growth to hold steady in FY25, likely to clock 6.7 pc in FY26
India's economic growth will continue to hold steady in FY25 despite global uncertainties, with a projected GDP at 6.7 per cent in FY26, a report showed on Friday.
Sensex closes at 82,133 after 2,000 pts rally from day low
According to the experts, "Currently, the market is anticipating a revival in consumer spending, driven by the festive season and year-end holidays, adding to the sentiments. Additionally, an expectation of an increase in the US spending is propelling the IT sector."