Encouraging tax revenues

04 APR,2021 | MEDC


Despite the Covid-triggered lockdowns and other functional restrictions, gross personal income tax collection (inclusive of refunds) has posted a 2.5% year-on-year growth during FY21. There is also a record GST monthly collection due to recovery and increased compliance. At Rs. 1.23 trillion, GST collection for March 2021 has set a new record … it is 27% higher than the corresponding figure in March 2020. The numbers have picked up faster than expected, and are expected to see a further surge once the final figures arrive. All these are welcome signs of a reviving economy, which has to be a policy priority. If all is well on the fiscal front, there is little to fear.In spite ofthe pandemic’s economic impact, our fundamentals continue to remain strong, and we should rein in the urge to underestimate ourselves. 

*Photo Credit: Google

 

 

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