Saturday, 04 December 2021

Collection in GST surge in October shows economic recovery track

Collection in GST surge in October shows economic recovery track

Bhagwat Karad, Union Minister of Finance, said joy in GST collection in October shows the Indian economy, negatively affected by the coronavirus pandemic, is on the path to instant recovery.

GST collection above Rs 1 lakh crore for a fourth consecutive month in a row at over Rs 1.30 lakh crores in October, indicating the impact of festive buying.

This was the second-highest collection of GST since its implementation on July 1, 2017. Last month, the tax collections on goods sold and services rendered were 24 percent higher than last October.

Karad said

"Exceeding expectations of more than Rs 1 lakh crore GST collection, we have achieved Rs 1.30 lakh crore in GST collection. The glad GST collection shows we are on the path to economic recovery,"

The junior finance minister spoke at a national tax conference organized jointly by the All India Federation of Tax Practitioners, the Maharashtra Tax Practitioners Association, the North Maharashtra Tax Practitioners Association, and the Goods and Service Tax Practitioners Association Maharashtra.

Collection in GST surge in October shows economic recovery track 1unsplash image

Read More: GST revenue collection ₹1.30 lac crore in October

The conference discussed a span of issues, including a faceless tax assessment mechanism. Karad said Prime Minister Narendra Modi had advised them to focus on three key topics – digital transaction, financial literacy, and financial inclusion.

He said.

"He recalled the term of former President late Dr. APJ Abdul Kalam that taxpayers are country builders. India's national budget, seven years ago, which used to be Rs 17 lakh crore, has more than doubled under the guidance of PM Modi. This was made possible because honest taxpayers tax practitioners are chief motivators for this compliance,"

Karad said there were some hiccups in GST implementation when it was introduced four years ago. Still, with feedback and suggestions from tax practitioners, these problems are being ironed out gradually.

The goal is to make a New India that has health, wealth, and infrastructure. Finance is an essential part of it. We aim to create a clean and transparent system which brings transparency in tax collection," he said. The Union minister said they have to keep taking precautions against COVID-19 through a third wave appears unlikely.

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