TOO FAINT FOR COMFORT?
While the spurt in GST collection brings cheer, it must be be sustained to be impact dil
As the central government struggles to contain itsitwidening fiscal deficit, there is some good news on the revenue front. Goods and sevices tax collection in the month of october crossed the ₹1 lakh crore mark, with total collection for the month standing at ₹1,00,710 crore.
This momentum, coming in the midst of a marginal increase in the total number of filing compared to september, is expected to be sustained in the coming months.
But all is not well on the revenue front. Tax revenue reached only 39.4% of the full year target by the end of September. The festive season too has failed to meet expectations as of now with many consumer- facing buisness reporting lacklustre sales.
The government should continue the effort to make the GST more taxpayer-friendly, bringing down the cost and hassle of compliance, to achieve a sustained rise in collection.
Strong reforms will pay the fruits when the universal recession will cease.
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