The Indian economy’s sharp acceleration in the December quarter has been bolstered by equally impressive tax collections and growing momentum in manufacturing. Central and state governments collected ₹1.68 trillion in goods and services tax (GST) revenue in February, 12.5% more than the revenue collected February 2023, amid strong manufacturing activity and economic growth momentum. However, the number was a tad lower than January’s figure of ₹1.72 trillion. The finance ministry said that monthly average GST revenue collection this fiscal has gone up to ₹1.67 trillion, from ₹1.5 trillion last fiscal as “GST revenue figures demonstrate continued growth momentum and positive performance”. So far this financial year, gross GST revenue collection stands at ₹18.4 trillion, showing an annual growth of 11.7%, the ministry said.

Source: Mint March 03, 2024 13:06 UTC