Union Minister of State for Finance Bhagwat Karad has said that buoyancy in Goods and Services Tax (GST) collection in October shows the Indian economy, adversely affected by the coronavirus pandemic, is on the path to swift recovery. Indicating the impact of festive buying, GST collection remained above Rs 1 lakh crore for the fourth month in a row at over Rs 1.30 lakh crore in October.
Karad said the government has advised them to focus on three key issues - financial inclusion, financial literacy and digital transaction. He stated that India's national budget, which used to be Rs 17 lakh crore seven years ago, has more than doubled under the guidance of PM Modi. This was made possible because of honest taxpayers, tax practitioners are chief motivators for this compliance.
The minister further said there were some hiccups in GST implementation when it was introduced four years ago, but with feedback and suggestions from tax practitioners these problems are being ironed out gradually. He said ‘the aim is to make a New India which has health, wealth, and infrastructure. Finance is the most important part of it. Our aim is to create a clean and clear system which brings transparency in tax collection.’