Delhi New: Collection of Tax Goods and Services (GST) dipped around 4% to RS 1.12 lakh crore in August, compared with Rs 1.16 Lakh Crore in the previous month, but policy makers and experts remained optimistic about the remaining income in several months upcoming in an account from enhanced economic activities.
Mop-up last month, based on sales in July, almost 30% higher than last year when the economy has just begun to open after national locking and 14% higher than the appropriate period in 2019.
Prohibiting most countries have imposed local locking because The second wave, the monthly Kitty GST remains above the level of comfort of RS 1- Lakh-Crore.
The GST Board will meet in Lucknow on September 17, where the compensation formula for the country and reverse task structure is expected to be an agenda.
“GST collection, after posting on a sign of crore Rs 1 lakh for nine consecutive months, down under RS ​​1 Lakh Crore in June 2021 because of the second wave of Covid.
With the easing of covid restrictions, the GST collection for July and August 2021 has returned to cross RS 1 Lakh Crore, shows that the economy recovered rapidly.
Coupled with economic growth, anti-avoidance activities, especially actions against fake billers, have also contributed to the enhanced GST collection.
Strong GST revenue is likely to continue in the coming months too, “The Ministry of Finance said.
Although a sequential decline came as a surprise, most experts also shared optimism.
“The collection for inventories made in July, when limiting relaxed locking for most countries.
With increasing levels of vaccination and business equipment increases, the uptrend is expected to continue in the coming months,” said Abhishek Jain, Tax Partner at the Indian consulting company.
Mani, senior director in Deloitte, said there was seasonal in the GST collection because of transaction-based, which depends on consumer behavior.
“The second quarter has begun with a positive record.
The emergence of the festival season in August will see a further collection of improvements in the coming months,” he said.
At the disagudined level, restrictions on imported goods subject to Cess, the collection rose compared to August 2019, official data showed.
But some economists suggest caution.
“Sequential dip in the GST collection, the lower core sector growth of estimates, and moderation in the August manufacturing PMI shows that some caution is guaranteed regarding the power of recovery,” Aditi Narggu said, the chief economist in ICRA.