GST Collection for October Surges 24% YoY, Indicates Economic Recovery: Minister

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GST Collection for October Surges 24% YoY, Indicates Economic Recovery: Minister

By Malvika Gurung

Investing.com -- As an indication of economic recovery, the GST collection for October 2021 has hiked 24% on a YoY basis at Rs 1.30 lakh crore, exceeding the 1 lakh crore mark for the fourth consecutive month.

While October’s GST collection figure is largely a result of increased festival purchases, the Union Minister of State for Finance Bhagwat Karad states that the buoyancy indicates that the Indian economy is on its path of recovery, which was crippled by the Covid-19 pandemic.

Over the past 7 years, the country’s national budget has increased two-fold from Rs 17 lakh crore, stated the minister.

As per a PTI report, the junior finance minister released the information while speaking at a national tax conference, which was jointly organized by a series of association bodies, including the Maharashtra Tax Practitioners Association, the All India Federation of Tax Practitioners, Goods and Service Tax Practitioners Association of Maharashtra and the North Maharashtra Tax Practitioners Association.




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