GST collection numbers could boost struggling economy

There is a relief in the midst of the slowdown in the economy. There has been a jump of six per cent in the GST collection in November. GST collection has reached Rs 1.03 lakh crore in November. This has happened three months later when the GST collection has crossed 1 lakh crore. The GST collection was Rs 1.02 lakh crore in July.
GST collection increased

The rate of increase in GST was negative for two months. But two months later, GST collection has increased by 6% as compared to November 2018. Market experts are considering this as a positive sign and this trend is good for the health of the economy. Explain that after the implementation of GST system in July 2017, this is the eighth time when GST collection has crossed 1 lakh crore. According to government data, this time the government earned Rs 19,592 crore from the central GST in November, the state GST brought Rs 27,144 crore to the government coffers, the integrated GST earned Rs 49,028 crore. There was a recovery of Rs 7,727 crore from GST cess.

Third major GST income so far

Apart from this, this collection of November is the third major collection of GST so far. Earlier in April of this year, GST collection was Rs 1.13 lakh crore, while in March the government income from GST was Rs 1.06 lakh crore. The GST collection in October was 95,380 crore. Whereas in November 2018 this figure was Rs 97,637 crore.

The Narendra Modi government was shocked by the data of growth rate that came on Friday. India’s growth rate fell to 4.5 per cent in the second quarter of FY 2019-20. This was the biggest drop in growth rate in 6 years. After the growth rate, the GST figures are definitely a relief news for the government.

Third major GST income so far

Apart from this, this collection of November is the third major collection of GST so far. Earlier in April this year, this year GST collection was Rs 1.13 lakh crore, while in March the government income from GST was Rs 1.06 lakh crore. Let us know that the GST collection in October was 95,380 crore. Whereas in November 2018 this figure was Rs 97,637 crore.

reduction in growth rate

The Narendra Modi government was shocked by the data of the growth rate that came on Friday. India’s growth rate fell to 4.5 per cent in the second quarter of FY 2019-20. This was the biggest drop in growth rate in 6 years. After the growth rate, the GST figures are definitely a relief for the government.

You May Also Like

Leave a Reply

Your email address will not be published. Required fields are marked *