In October the first time in the year 2020-2021 the good and services tax earnings[GST] 1 lakh crore in October rising the total up to 10.2 per cent on the year to year basis.
Clearly the earnings tell that people are spending in the festivities.
Finance secretary Ajay Bhushan Pandey said:
The September and October collections were good comparing it to the last year and this clearly shows a sign of positive recovery.
This recovery will also be reflected in the other departments also.
If we make a analysis out of it we can clearly see that the economy is recovering and in some places also in the positive zone.
Finance minister also said that we have to keep a watch for a good few more month then we will have a more clear idea about all of this.
There are many reasons of improving the goods and services tax this year:
1. Trade recovery
2. Resonance of our economy
3. the spending everyone is doing in this festive season.
80 lakh GST returns were filed during this the finance ministry said.
The number of GST returns filed also increased significantly.
All these scenarios are depicting the strong recovery in the economy.
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