The Central Government has announced the notification on Increased economic activities have resulted in bigger GST collection which stood above Rs 1 lakh crore for five months in a row since October 2020, Minister of State for Finance and Corporate Affairs. In this article, we will discuss GST collections top Rs 1 lakh Cr for 5 straight months since Oct 2020.
GST collections top Rs 1 lakh Cr for 5 straight months since Oct 2020
The finance ministry on Tuesday notified on Increased economic activities have occurred in higher GST collection which stood above Rs 1 lakh crore for five months in a row since October 2020.
Officials also stated that this could be possible on the back of the estimates taken by the government to boost economic activities over the last year to deal with the COVID-19 pandemic.
GST collection has noticed above Rs 1 lakh crore for a stretch of five months since October 2020. The GST collection during the period has been bigger than the collection in the same period last year.
Further Clarification by Finance Ministry
On the economy, Thakur said V-shaped recovery is being seen as the third quarter GDP numbers are positive and business is getting better. The Indian economy had seen a constriction of 24.4 per cent in the June quarter of FY21, impacted by COVID-19.
When the COVID-19 pandemic erupted -24.4 development rate was recorded in April- June. The Central Government has inaugurated several good steps with a positive result and 0.4 per cent growth was in the third quarter,” the finance ministry stated.
Officials also listed numerous steps taken by the government during the pandemic to increase the economy, comprising stimulus packages under the Aatmanirbhar Bharat programme, emergency credit line and loan moratorium.
Further, the monthly GST collection direction and the generation of e-way bills are clear indicators of an increase in economic activity.
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