GST is one of the most popular taxes in the world. In India GST was implemented on July 1, 2017, then there have been many changes in the Indian economy. GST, Goods, and Service Tax is one of the main resources for revenue for the government in the form of indirect tax.
Before GST there was VAT and many other taxes which were used to be part of the economy. Many of them were replaced by GST. Goods and service tax was passed in the parliament on 29th of March 2017 and then came into effect on 1st of July.
In October, it has been noticed that the gross collection from goods and service tax is the second-highest since the GST was implemented. The total collection in October is 1,30,127 Crores approx. That is only next after the collection in April 2021. With this latest collection recorded in October, the GST collection has gone past 1 lakh crore for the fourth consecutive month full stop the GST collection for September was marked at 1.17 lakh crore.
In March 2020, when the lockdown strike India the economy was seeing a major dip. The newest collections and the overall tax collections were down. Somehow the economy started recovering after the first wave and the second wave Struck. The second wave hit the economy even harder. It was hard to come back on track and get the economy going.
Even after all these happenings, India kept fighting and cabbage grew. This is the fourth consecutive month where India has gone first one lakh crore in the collection of GST. Being an indirect tax this is a major collection considering collected every month. This has helped the Indian economy in terms of revenue. This will be used to build the infrastructure and welfare of society.
This simply means the businesses are growing, the economy is reviving and so are the individuals growing in every aspect. Everyone should pay taxes to help the economy grow, to help the nation grow.
The collection is remarkable and is expected to grow because of Diwali on the way in November. If the collection of November can surpass October then it can be even bigger news than this. Let’s all hope that everything will fall in its place and our economy will see the best of it after the Pandemic.