Surprisingly there were all time high record GST collections in April 2021 @ Rs.141,348 crores despite lockdown in some states and quick spread of Covid 19 virus.
In its press note, releasing April 2021 GST statistics, finance ministry has stated "Despite the second wave of Covid-19 pandemic affecting several parts of the country, Indian business have once again shown remarkable resilience by not only complying with the return filing requirements but also paying their GST dues in a timely manner during the month".
This statement of the Government attracts some credit due to the fact of high GST collections consistently above Rs.1 crore mark for 7 months since October 2020. However with lockdown coming down in full force in May there are expectations of much lower GST collections in May 2021
Moving to direct taxes - Government announces that collection for Q1 2021-22 of direct tax is Rs.1.86 lakh crores which is more than double the last year collection amount of Rs.92,762 crores.
Good Direct tax & GST collections shows good growth in Q4 of 2020-21 & Q1 of 2021-22 (maybe even in double digits).
Nice numbers on taxes on which we should be quite happy. With economy moving up Government should step up infrastructure spending, rationalize taxes on oil, control inflation and move the economy into growth path.
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