Is the Economy recovering Post-Pandemic?
The GST revenue has crossed 1Lakh crore in the past month. In March, the collection of GST reached a record high of over Rs. 1.23 Lakh crore i.e. 27% growth over a year’s time.
Total GST revenue was Rs 1,23,902 crore, with Central GST at Rs 22,973 crore, State GST at Rs 29,329 crore, Consolidated GST at Rs 62,842 crore (including Rs 31,097 crore raised on imports of goods), and Cess at Rs 8,757 crore (including Rs 935 crore collected on import of goods).
Tarun Bajaj, Secretary, Revenue, and Department of Economic Affairs In an exclusive interview with ANI stated the reason behind the record. The record GST set can be attributed to two factors: the economy has begun to improve, and we have used technology to improve enforcement.
We have consistently received GST collections in excess of Rs. 1 lakh crore over the last six months. This structural shift has affected enforcement as well as the rate of economic recovery. We are optimistic that this trend will continue.
When Covid -19 hit in March of last year, lockdown and other measures were solicited, but now there has been an upgrade on the health infrastructure and vaccines.
To deal with the issue, now there are much better vaccines and healthcare infrastructure. As a consequence, the approach for coping with Covid-19 this time is discrete.
The numbers are steeply increasing in the graph, this indicates that the economy is recovering from the post-pandemic phase.
The revenue received during march 2021 is the highest record since the introduction of GST. According to the study, closer tracking of false billing, deep data analytics using data from a variety of sources, including GST, income tax, and customs IT systems, and efficient tax administration have all led to the steady increase in tax revenue over the last few months.