The services sector PMI was reported at 60.8 in April, the manufacturing PMI was bright too and GST collections have started this fiscal year with a new record high. Reason enough for optimism?
In a long X platform post, Finance Minister Nirmala Sitharaman said GST contributes significantly to state revenues as they stand to receive 50 percent of IGST and 42 percent of CGST
Finance Minister Nirmala Sitharaman highlighted the significant impact of GST on the economy, praising its role in benefiting the poor by lowering taxes on essential items and improving tax buoyancy across states.
India s Goods and Services Tax (GST) collections soared to a new peak of Rs 2.10 lakh crore in April, marking a 12.4% increase from the previous year, according to the Finance Ministry. The surge was fueled by a 13.4% rise in domestic transactions and an 8.3% increase in imports.