Digital Desk: The GST collection in India rose 10% to over Rs 1.62 lakh crore in September 2023, according to the Ministry of Finance. This is the fourth time in the current financial year that the GST collection has crossed the Rs 1.60 lakh crore mark.
The increase in GST collection is a sign of the strong economic recovery in India. It is also a testament to the effectiveness of the GST system in simplifying tax compliance and boosting revenue collection.
The government has attributed the increase in GST collection to a number of factors, including:
- Increased economic activity
- Improved tax compliance
- Anti-evasion measures
- Better enforcement
The government has also taken steps to boost the GST collection, such as:
- Simplifying tax procedures
- Reducing the number of tax rates
- Providing incentives for digital payments
The government is confident that the GST collection will continue to grow in the coming months. This will help the government to meet its fiscal deficit targets and invest in key sectors such as infrastructure and education.
The increase in GST collection is also a positive sign for the Indian economy. It shows that businesses are investing and expanding, and that consumers are spending more money. This is good news for the overall economy and for job creation.