Thursday, June 15, 2023

Home Business This time GST collection can increase by 14 percent, money will rain heavily in government treasury

This time GST collection can increase by 14 percent, money will rain heavily in government treasury

Newztezz Online June 15, 2023 Business,

If we talk about the figures of the last two months, then the government's income from GST is beyond lakh crores. In April, the government earned Rs 1.87 lakh crore from GST.

The recession is spreading all over the world. Germany is already officially in recession. Now New Zealand has also come under the grip of recession. America, Europe, China, Pakistan are all in bad condition. In such difficult times, India is the only country where the effect of recession is negligible. Especially talking about GST, the government's earnings are continuously increasing.

Rating agency CRISIL has expressed hope that the government's earnings can increase further from GST. The GST collection is expected to increase not by 1, 2 per cent but by 14 per cent.

Figures going beyond lakh crores

If we talk about the figures of the last two months, then the government's earning from GST has crossed lakh crores. In April, the government earned Rs 1.87 lakh crore from GST. This in itself was a new record. After this, in the month of May also, the government has earned Rs 1.57 lakh crore from the GST collection. It is believed that a boom can be seen in the coming months as well. Talking about year-on-year figures, a growth of 12 percent has been recorded in GST collection.

States' share will increase

According to the rating agency CRISIL, states can also play an important role in the speed of GST collection. According to Crisil data, the share of states can increase up to 90 percent, if this happens then a record increase can be seen in the figures of GST collection this time.

The web of life was made

There was a time when the government had to face a lot of trouble regarding GST. The general public, from businessmen to the opposition had called GST a failure. Rahul Gandhi had termed it as Gabbar Singh tax, but seeing the figures that are coming now, it can be clearly said that the matter is back on track. The government believed from the beginning that this would prove to be a reform that would work to bring the economy back on track. Now, in times of trouble, such statistics are not only giving relief to the government, but are also contributing in strengthening the economy.