Union Minister of State for Finance Bhagwat Karad said buoyancy in GST collection in October shows the Indian economy, adversely affected by the coronavirus pandemic, is on the path to swift recovery.
Goods and Services Tax (GST) collection remained above Rs 1 lakh crore for the fourth month in a row at over Rs 1.30 lakh crore in October, indicating the impact of festive buying.
This was the second highest collection of GST since its implementation on July 1, 2017. The tax collections last month on goods sold and services rendered was 24 per cent higher than in October 2020.
"Exceeding expectations of Rs 1 lakh crore GST collection, we have achieved Rs 1.30 lakh in GST collection. This buoyant GST collection shows we are on the path to economic recovery," said Karad.
The junior finance minister was speaking at a national tax conference organized jointly by the Maharashtra Tax Practitioners Association, the All India Federation of Tax Practitioners, Goods and Service Tax Practitioners Association of Maharashtra and the North Maharashtra Tax Practitioners Association.
Also Read:- [SEBI Registered] What is the Difference Between Stock Brokers and Investment Advisors?
The conference discussed a range of issues, including faceless tax assessment mechanism.Karad said Prime Minister Narendra Modi has advised them to focus on three key issues – financial inclusion, financial literacy and digital transaction.
He recalled the words of former President late Dr APJ Abdul Kalam that taxpayers are nation builders. India’s national budget, which used to be Rs 17 lakh crore seven years ago, has more than doubled under the guidance of PM Modi. This was made possible because of honest taxpayers…tax practitioners are chief motivators for this compliance,” he said.
Karad said there were some hiccups in GST implementation when it was introduced four years ago, but with feedback and suggestions from tax practitioners these problems are being ironed out gradually.
The aim is to make a New India which has health, wealth, and infrastructure. Finance is the most important part of it. Our aim is to create a clean and clear system which brings transparency in tax collection,” he said. The Union minister said they have to keep taking precautions against COVID-19 though a third wave appears unlikely.
Article Source:- Moneycontrol