Although the collection figures come as a breather for the government, it is lower than the expected collection rate needed to meet the steep target for FY20
Goods and services tax (GST) collection recovered to a seven-month high in November, crossing the Rs 1-trillion mark on account of the festive season demand and anti-evasion measures by the government. After two months of negative growth, the GST mop-up grew by 6 per cent in November over the corresponding period last year to Rs 1.03 trillion, against Rs 95,380 billion in October, the data released by the Ministry of Finance showed on Sunday. These figures are for October, collected in November.
Although the collection figures come as a breather for the government, it is lower than the expected collection rate needed to meet the steep target for 2019-20 (FY20). The government’s monthly GST collection target is around Rs 1.18 trillion. Being a festival month, GST collection on domestic transactions witnessed a 12 per cent growth — the highest during the year. GST collection on imports continued to see negative growth of (-)13 per cent, against (-)20 per cent in October.
“This is the eighth time since the inception of GST in July 2017 that the monthly collection has crossed the Rs 1-trillion-mark. Also, the November 2019 collection is the third-highest monthly collection since the introduction of GST, next only to April 2019 and March 2019 collections,” the Ministry of Finance said in a release….Read More
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