09 MAY,2021 | MEDC
The GST collection for April indicates a structural shift in compliance. Collection touched an all-time high of Rs. 1.41 trillion in April, as against Rs. 1.24 trillion in March. GST collection has now exceeded Rs. 1 trillion for seven consecutive months. However, compliance should not breed complacency. The second wave of Covid and lockdowns in different parts of the country are affecting both production and consumption in all areas of economic activities – and, sooner or later, it is going to reflect in declining tax collections. The government is certainly doing a good job as of now. To improve compliance further, the GST Council should consider rationalizing rates. Covid has considerably strained the government’s fiscal position. Improvement in GST collection will help ease the pressure on public finances, and make economic recovery relatively smooth. That needs to be a top policy priority.
*Photo Credit: Google
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