Goods and services tax (GST) collections in October crossed the ₹1 trillion mark for the first time this fiscal, signalling economic revival. The surge in tax collections comes as consumers bought items such as smartphones, automobiles and consumer durables during the festive season. GST receipts of the central and state governments touched ₹1.05 trillion in October, growing 10.25% from a year ago. This is also the first time this fiscal that GST receipts grew in double digits after a sharp decline in the initial months post the national lockdown imposed in March.After showing year-on-year contraction in the April to August period, GST receipts rebounded in September, growing 3.8% from a year earlier to ₹95,480 crore.
Courtesyg: Google (photo)
