Encouraging tax collection

06 DEC,2021 | MEDC


 

GST collection grew about 25% year-on-year to Rs. 1.31 trillion in November 2021. This is the second highest collection ever, and shows that our economy is now on a revival path. It also says something about the robust design of GST, which is based on ensuring that the entire value chain from raw material to retail is captured fiscally. GST has its share of technical problems, but nationwide investment decisions are not based only on tax policy. To create a favourable ecosystem for overall industrial growth, policy also needs to focus on reforming the factor markets, which include land, labour and energy. The recent trend of high tax revenues are the result of various policy and administrative measures that have been undertaken in the past to improve compliance. At the same time, there is no room for complacency. Such progressive initiatives need to be not only continued, but also accelerated, along with reforms in other sectors of the economy, if we are to witness sustainable growth.

 

*Photo Credit: Google

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