GST Collection: GST collection indicates healthy economic momentum on the development front. In the current financial year, the average GST collection (GST Collection 2023-24) can cross Rs 20 lakh crore.
The GST collection indicates healthy economic momentum on the development front. Domestic demand is expected to remain strong on the back of increased government spending and private capital expenditure, reforms in real estate and government initiatives to boost the manufacturing sector. A healthy domestic economic environment provides a partial stimulus.
Expert Devendra Kumar Mishra told Hindustan that this collection in the first month of the year has been the result of better efforts of the government. These figures show that the country’s economy is going in the right direction and there is a strong scope for further development. He also expressed the hope that in the coming months more growth can be seen in it. Also, the average GST collection can cross Rs 20 lakh crore in the current financial year.
Which state collected how much
April 2022 April 2023
- Delhi 5871 6320
- Uttar Pradesh 8534 10320
- Bihar 1471 1625
- Uttarakhand 1887 2148
- Jharkhand 3100 3701
- Haryana 8197 10035
- Maharashtra 27495 33196
(Figures in Rs crore)
the numbers are really great
Economic affairs expert and former Chief Statistician Pranab Sen said that these figures are really excellent. These are the results of the speed at which the economy is growing in the country. However, he said that now the government’s earnings have started increasing a lot, in such a situation, it has a chance to give GST exemption to small businessmen so that they can be able to generate more employment. If this happens, the growth in the economy will be more sustainable.
Indian economy stood up to the trust of global institutions
At the beginning of the year, global institutions had indicated a reduction in Indian GDP, but at the same time made positive estimates. The new figures of GST collection seem to confirm the estimates of these institutions.
1. World Bank India Director August Tano Quame had said that the Indian economy is showing strong resilience to external shocks. Although significant challenges remain in the global environment, India continues to be one of the fastest growing economies in the world.
2. The International Monetary Fund had said that India would remain the fastest growing economy in the next two years despite the rate cut. Anne-Marie Gulde-Wolf, Deputy Director of the IMF’s Asia and Pacific Department, said India is one of the fastest growing economies in the world.
3. Asian Development Bank (ADB) India Director Takeo Konishi had said that despite the global recession, India’s economic growth rate is stronger than many other economies. The new figures reflect India’s relatively strong domestic consumption and less dependence on global demand.
4. Credit Suisse said earlier this year, there is a possibility of a global recession this year. However, it can prove to be beneficial for India. India’s economic stability and well-controlled inflation will sustain growth in 2023 amid a global recession.
Modi is also proud of the record GST collection
Prime Minister Narendra Modi has described the record Goods and Services Tax (GST) collection of Rs 1.87 lakh crore in April as ‘good news’ for the Indian economy. GST collection in April has increased by 12 percent year-on-year to reach an all-time high of Rs 1.87 lakh crore.
Earlier, the highest GST collection was Rs 1,67,540 crore in April, 2022. Modi tweeted, “Good news for the Indian economy. The rise in collections despite lower tax rates shows the success of GST. This shows how GST has increased integration and compliance.
