look news india
A very wonderful and big news has come out on the Indian economy front. The Goods and Services Tax (GST) collection in the month of June of the current financial year has broken many big records so far. Total GST collection in June on annual basis on the back of continued strength in domestic demand and robust economic activity Strong increase of 14% with ₹1.95 lakh crore Has reached the level of. This figure is not only strengthening the government’s treasury, but is also clearly indicating the strong economic health of the country.
Huge demand for foreign goods, bumper jump of 35% in tax revenue from imports
The most surprising and positive aspect of this time’s GST collection is related to international trade. There has been a tremendous increase in the demand for foreign goods within the country. This is the reason why this time the tax revenue from import of goods has increased. Historic growth of 35% Has been registered. It is clear from this huge surge that the consumption of premium and foreign manufactured products has increased rapidly in the Indian markets, which has played the biggest role in skyrocketing the total tax collection.
Domestic transactions also remained on top, effect of festivals and wedding season visible
Not only imports, but there is also a tremendous upward trend in domestic transactions within the country. According to the reporter, due to the growth in business activities and manufacturing sector in various states of the country, the domestic tax collection has also been estimated to increase by about 13 to 14 percent. Tourism, wedding shopping and huge sales of electronics goods during summer holidays have boosted the collection this time.
Experts claim: The figure of ₹ 2 lakh crore will also be crossed in the coming months
Economic experts and financial analysts believe that the tax base is continuously widening due to strictness on tax evasion, better compliance and transparency in digital transactions. Experts say that considering the pace at which the Indian markets are growing, the day is not far when the monthly GST collection will permanently cross the magical figure of ₹2 lakh crore.