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Surge in GST Collections : Sign of recovery of Indian Economy

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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.

UMESH AGARWAL
UMESH AGARWAL
Everybody has an opinion. Do they, however, truly matter? These days, blending various viewpoints has resulted in the development of hazardous concoctions of perspectives. The true goal, however, was to cultivate serious intellectual revolutions that would influence the people and create a community that might affect global change. About Umesh Agarwal Umesh Agarwal, a conscientious Indian citizen active in media and volunteer work, thinks that young people in India need to become more aware of both spoken and unsaid global events. An entrepreneur by trade, a commerce graduate by education, and a veteran of the information technology three-tier architecture industry, He has made it his mission to increase public understanding of global current affairs, macro and microeconomics, heritage, international relations, history, and economic affairs. He is a renowned geopolitical expert, visionary, and astute opinion leader. He is passionate about analysing current events and reporting on them in a variety of international publications, including Trunicle, USApolitico, Keatley, and BharatVoice. Many of his writings went viral and attracted the attention of international celebrities who commented on them. VISION Umesh queries, "Is it easy to be vocal and politically opinionated with numerous avenues of information like print media, live websites, and interactions on social media. But the crucial query is: Are we expanding our thinking? Can we uncover facts buried in layers? Are we capable of fully comprehending the political game of cards?” He frequently states that In today’s capitalist society, if we don't teach the next generation how to protect themselves from the tragedies of bureaucratic conspiracies, they might never learn to protect themselves and make big decisions. VOLUNTEERING WORK Along with his involvement with numerous charitable organisations, he had managed multispecialty day care diagnostic and cancer detection centres that serve more than 100,000 people in Chennai. Having participated in numerous humanitarian and social organisations as a contributor. INDIACHRONICLE With the vision of promoting transparency and empowering the youth , he has launched a mediahouse- IndiaChronicle.in, a new centrist journal designed to promote educated debate and offer insightful information on the many areas that influence our society. India Chronicle seeks to fill in the gaps in public conversation by offering a fair-minded and complex viewpoint on important topics. Our readership is made up of a diverse group of people, including decision-makers, academics, workers, and active citizens who seek insightful information. Its time that we think of the persistent little contributions that make us a more responsible individual and a global citizen. Follow on Email : ukagarwal@gmail.com Facebook : https://www.facebook.com/ukagarwal Twitter : https://twitter.com/ukagarwal Linked In : https://www.linkedin.com/in/ukagarwal/ YouTube : https://www.youtube.com/@ukagarwal Instagram : https://www.instagram.com/ukagarwal2k2/

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