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Mumbai36 minutes ago
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- The e-way bill has reached 4.89 crores. It is estimated that it can go up to 5.5 crores today.
- Most states have a lockdown in April. Some have accomplished, some have done partial
Despite the second wave of Corona, the Goods and Services Tax (GST) collection for the seventh consecutive month may cross Rs 1 lakh crore. 1.15 to 1.20 lakh crore is expected in this month. From October 2020 till now, GST collection of more than 1 lakh crore rupees is being done every month.
Collection will remain despite Corona’s second wave
According to the report of SBI, the country’s largest bank, economic activity is going on despite the second wave of Corona. Hence there will not be much impact on GST. The highest GST collection in the last three and a half years so far in March has been Rs 1.24 lakh crore. According to the report, most states have a lockdown in April. Some have completed and some have done partial.
E-way bill reaches 4.89 crore
Statistics show that despite the lockdown, by April 25, the e-way bill has reached 4.89 crores across the country. It is estimated that it can go up to 5.5 crores today. The report says that in April 2021, the number of people working in the MNREGA has increased by 92%. A total of 2.57 crore households have worked. After 2013, it has been the highest ever in any month of April. In April 2020, this number was 1.34 crore. This happened because migrant laborers from the cities are moving towards the villages.
There are many reasons for the collection to boom
The report says that the reason for the jump in GST collection is that it closely monitors fake bills, in-depth analysis of data, use of data from a lot of sources including GST, IT and custom IT systems. Maharashtra is at number one and Gujarat at number two in the GST collection. In the GST collection, the central government’s share is the state government’s share.
The collection started decreasing from March 2020
The GST collection began to decline from March due to the lockdown imposed by Kovid-19. In that month, the collection was reduced from Rs one lakh crore to Rs 97 thousand 597 crore. In April, it was reduced to only 32 thousand 172 crore rupees, which is the lowest till date. However, it has been steadily improving since May. The country’s GDP growth rate was 0.4% in the October-December 2020 quarter. Whereas this year it is estimated to be between 10–11%.
Economy is booming
Deven Choksey, MD of broking firm KR Chowki, says the economy is accelerating and will continue to strengthen. If the situation improves then its effect will be seen on the tax collection. If business is more then tax will come more. He says that tax evasion has been reduced due to everything being digital. This is also one of the reasons for the GST collection to reach record levels in the last two months.