Just before the beginning of the festive season for crores of people of the country, a very encouraging and relieving news has come out regarding the economy, hearing which everyone is surprised as to how the festive fervor has enriched the country’s treasury. According to the latest official data released by the Finance Ministry, in the month of September, Gross Goods and Services Tax (GST) collection has registered a spectacular and tremendous growth of 14.7 percent on an annual basis, after which this figure has directly jumped to the historical level of about Rs 2.04 lakh crore i.e. Rs 2,03,521 crore. Economy experts and market analysts believe that this surge has happened due to the onset of festive season and increased consumer demand in the markets, which is a clear indication that the country’s trade and industrial production is rapidly reaching new heights.
Tax collection has remained above Rs 2 lakh crore for three consecutive months.
On the Indian economy front, this is the third consecutive time that the Gross GST collection has managed to cross the magical and important figure of Rs 2 lakh crore which gives a strong testimony to the strengthening financial position of the country. In the total tax collection in the month of September this year, along with the huge income on the domestic front, there has also been a huge increase of about 26 percent in the GST levied on imports from abroad. Due to the festive shopping atmosphere prevailing these days in all the states and metropolitan cities of the country, from small business centers, a lot of enthusiasm is being seen among the tax officials and policy makers. This money coming to the government in the form of revenue has a direct impact on the country’s infrastructure, development works and welfare schemes, due to which the general public gets direct and indirect benefits on a large scale.
Revenue reaches record high due to increase in festive shopping and economic activities
As soon as the festive season starts, there is a rush of buyers in the markets of the country, whose direct and positive impact is clearly visible on the tax collection of the country. From the automobile sector to electronics, real estate, clothing and FMCG sectors, there has been a huge increase in consumer demand everywhere, due to which this record-breaking increase in GST collections has been recorded. The stringent digital steps taken by the government to ease business and prevent tax evasion are now showing excellent results on the ground, which is continuously strengthening the government treasury in a transparent manner. Experts in the economic sector also estimate that this brightness of the markets may increase further in the coming festive months i.e. October and November, due to which all previous records of GST collection are expected to be demolished and the country’s GDP will also get a huge boost from this.