What is the current growth rate of GST revenues in India
GST revenues have witnessed a significant increase in November.
The growth rate of GST revenues in India has shown a significant increase in November. Here are some key points:
- According to the Ministry of Finance, the gross GST revenue collected in November 2021 was ₹1,43,026 crore ($19.1 billion).
- This reflects a growth rate of 27.4% compared to the same month in the previous year, marking the second consecutive month of impressive growth.
- The November collection is also the fourth consecutive month where the GST revenue has exceeded the ₹1 lakh crore ($13.3 billion) mark, indicating the steady recovery of the economy after the pandemic-induced downturn.
- Various factors contributing to this growth include increased economic activity, festive season demand, anti-evasion measures, and the streamlined GST administration.
- Improvements in compliance, voluntary tax filing, and effective enforcement actions have also contributed to the robust growth in GST revenues.
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