GST revenue in August increased by 29.6% year-on-year-in August 2020 it was 864.49 billion rupees, and then increased to 9548 billion rupees in September 2020. According to the latest data, it rose to a five-month high of 117.01 billion rupees in August, a year-on-year increase of 22.5%.
Although the revenue growth rate has slowed down from the previous month due to the weakening of the low base effect last year, the average monthly consumption tax in the second quarter of this year (11.5 billion rupees) has increased by 5% trillion U.S. dollars from the first quarter (1.10 rupees)) .
In addition, due to the rebound in economic activity and the increased compliance of suppliers from large companies, monthly payments continued to improve. Due to holiday reasons, this situation is expected to improve. It is worth noting that most major manufacturing states, including Karnataka, Maharashtra and Tamil Nadu, reported an increase of more than 20% compared to last year.
“This clearly shows that the economy is recovering rapidly. Coupled with economic growth, anti-tax evasion activities, especially actions to combat false bills, have also contributed to the increase in consumption tax collection. It is expected that the positive trend of income will continue, and income will increase in the second half of the year.
“The Ministry of Finance said in a statement. GST revenue in August increased by 29.6% year-on-year-in August 2020 it was 86,449 crore, and then increased to 95,480 crore in September 2020. In September 2020, GST revenue increased by 4%. As of September 2019, it was $91,916 trillion. However, the overall revenue growth under the goods and services tax is worrying, especially after the statutory compensation for insufficient income caused by the implementation of the goods and services tax in the states will end in June 2022. The Ministry of Finance recently established two ministerial-level groups as the first step in the first structural reform since its launch in July 2017. According to the order dated September 24, the “review” of the current board structure has been included in the panel’s terms of reference (ToR).
News Source : The Indian Express
