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Surge in GST Collections : Sign of recovery of Indian Economy

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UMESH AGARWAL
UMESH AGARWAL
An avid reader, knowledge seeker, having interest in International affairs, geopolitics, International Finance, Economic Affairs After completion my graduation i had worked as Software Developer on three tier architecture platforms, I am currently self employed from Chennai I am nationalist and avid supporter of BJP and possessing three decades of experience in Indian politics In 2019 As Project Secretary of RYACOSMO Foundation an NGO based in Chennai providing subsidized medicare to marginalized sections of the society. Being active in Social media have raised many issues to combat propaganda and build objective view in societies. Right now airing my views as columnist on Trunicle.com, Altnewsmedia.com, Kreatly.in, OpIndia. Follow me on Facebook : https://www.facebook.com/ukagarwal Twitter : https://twitter.com/ukagarwal Linked In : https://www.linkedin.com/in/ukagarwal/ Email : ukagarwal@gmail.com YouTube : https://www.youtube.com/channel/UCTOK6hb326u-z-7SGKWJO2A Instagram : https://www.instagram.com/ukagarwal2k2/

Surge in GST Collections : Sign of recovery of Indian Economy
With the cases of Covid-19 going down, widening of tax base, plugging the loopholes in the GST system by the intelligence unit related to the utilization and passing of Input Tax Credit with bogus invoices, displaying of GST turnover in Form 26AS to promote compliance, strict action against non filers, restoration of business confidence with festive seasons around the corner, increase of GST from imports are some of the major reason for improvement in GST tax collection for the month of January 2020 with the record breaking collection of Rs.1.20 Lakh crores.

The upward trajectory of tax collections started in September 2020 with opening up of economy that led to resumption of trade, commerce activities across the country. The November GST collections at Rs.1.05 lakh cr & December GST collections at Rs.1.15 Lakh crore was attributed to pent-up demand and the sustainability of demand post festivity season suggest the strong sustainable revival of the economy is on the cards. The passenger vehicle sales in India grew in strong double digits for the fifth straight month in December & the country biggest real estate market Mumbai recorded highest property registrations in the same month.

The Union Government made e-invoicing for B2B transactions for companies with turnover of Rs.100 crore this year. E-invoicing and introduction of FASTag mechanism leading to integration with NHAI’s network helped to track movement of goods thereby checking GST evasion. And then the govt plans to use artificial intelligence tools & data analytics to track down evaders and improve compliance through the collection of real time data such as analyzing expenditure of fuel expenses by vehicles using the FASTag. With FASTag becoming mandatory from 1st January 2021, there would be radical digital transformation and will lead to higher tax collections.

With India emerging as preferred investment destination & alternative source for global supply chain post the lab engineered pandemic with defense, pharmacy sectors, infrastructure, food processing sectors being favored by global investors, the resulting economic activities due to setting up ancillary industries & generation of new jobs will see improved tax buoyancy.

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UMESH AGARWAL
UMESH AGARWAL
An avid reader, knowledge seeker, having interest in International affairs, geopolitics, International Finance, Economic Affairs After completion my graduation i had worked as Software Developer on three tier architecture platforms, I am currently self employed from Chennai I am nationalist and avid supporter of BJP and possessing three decades of experience in Indian politics In 2019 As Project Secretary of RYACOSMO Foundation an NGO based in Chennai providing subsidized medicare to marginalized sections of the society. Being active in Social media have raised many issues to combat propaganda and build objective view in societies. Right now airing my views as columnist on Trunicle.com, Altnewsmedia.com, Kreatly.in, OpIndia. Follow me on Facebook : https://www.facebook.com/ukagarwal Twitter : https://twitter.com/ukagarwal Linked In : https://www.linkedin.com/in/ukagarwal/ Email : ukagarwal@gmail.com YouTube : https://www.youtube.com/channel/UCTOK6hb326u-z-7SGKWJO2A Instagram : https://www.instagram.com/ukagarwal2k2/
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