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GST Revenue Witnessed 1 Lakh Crores in November
By: Tupaki Desk | 2 Dec 2019 5:52 AM GMT
The Goods and Services Tax(GST) implemented by the NDA government for the boosting of the economy has improved in terms of the collections in November and reached Rs 1 lakh crore mark.
Amidst slowdown economy from the last three months, it's quite interesting to know the collections have raised Rs 1 lakh crores.
The data released by the Ministry of Finance stated that the collections of GST were November 2019 is Rs 1,03,492 crore. In this, the share of the Central GST is Rs 19,592 crore and the Inter-State supply of goods or services share was Rs 49,028 crore.
The gross collections of GST in October was only 95,380 crore. This indicates the decline of almost 5.3 percent of decline every year. While the tax collected in August was almost Rs 98,202 crore.
Economical experts are siting that the extreme growth recorded in November should be attributed to the spending in the festive month as Diwali is coming on October 30. If this sort of growth continues the NDA's plan of boosting the economy might come true very soon.
Amidst slowdown economy from the last three months, it's quite interesting to know the collections have raised Rs 1 lakh crores.
The data released by the Ministry of Finance stated that the collections of GST were November 2019 is Rs 1,03,492 crore. In this, the share of the Central GST is Rs 19,592 crore and the Inter-State supply of goods or services share was Rs 49,028 crore.
The gross collections of GST in October was only 95,380 crore. This indicates the decline of almost 5.3 percent of decline every year. While the tax collected in August was almost Rs 98,202 crore.
Economical experts are siting that the extreme growth recorded in November should be attributed to the spending in the festive month as Diwali is coming on October 30. If this sort of growth continues the NDA's plan of boosting the economy might come true very soon.
