A total of 4321 charge notices were issued to drivers in Argyle Street and Jamaica Street from April 23 last year, when the cameras were introduced, to July 31.
But 1333 of those penalties were later cancelled by council chiefs after appeals by motorists.
A total of 177,945 fines were issued to vehicles in all the city's 11 enforced bus lanes. Of that amount, 12,683 were cancelled.
Opposition councillors have questioned the credibility of the fine system and accused the council of turning the traffic calming measure into a "cash cow".
Motorists are liable to pay £60 if filmed at sites where number-plate recognition cameras have been installed, though the fine is reduced to £30 if paid within 14 days.
Recent figures showed drivers are paying out around £11,000 a day in bus lane penalties in Glasgow - more than three times the amount for Edinburgh and Aberdeen combined.
The council claim the "majority" of the fines were issues to private hire taxis, from other local authority areas who had not registered with the council
However it was unable to supply any figures to back this up.
The latest figures, which were obtained through a Freedom of Information request by SNP councillor Graeme Hendry, also reveal that 11 fines were issued to buses and later appealed.
Glasgow City Council said this may have happened if a fine had been issued to a recovery vehicle for a broken down bus.
A council spokesman said: "We rely on other local authorities to supply us with list of private hire taxis in their areas.
"There were significant delays in receiving these lists from a number of neighbouring local authorities meaning these taxis received penalty charges notices which have now been cancelled."
The highest number of fines - 24,858 - were issued in Cathedral Street and North Hanover Street. Of those 1487 were scrapped.
In the Glassford Street/Wilson Street bus lane, there were 41,847 fines issued and 4983 were later scrapped.
Graeme Hendry, SNP Councillor for Garscadden and Scotstounhill, said: "Bus lanes are entirely appropriate to help traffic flow busy areas and at peak times.
"However, they must not be turned into a cash cow and enforced unreasonably.
"It is important that the public has confidence in them and when one camera has 30% of fines overturned questions need to be asked about why so many of these fines were issued in the first place."
Only buses, cyclists, taxis, and licensed private hire cars can use the bus lane during its hours of operation but drivers have the right to appeal the decision.
Neil Greig, director of policy at the Institute of Advanced Motoring, has called for a "street-by-street review" of the policy with clearer road markings and signage.