SPEEDY
   Date :03-Apr-2021

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FOR the sixth month in a row the Goods and Services Tax (GST) collections have remained above the Rs 1 lakh crore mark even as March saw a record mop-up of Rs 1.23 lakh crore. The astounding 27 per cent annual rise in collections has defied the projections made by financial experts in the revised estimates for this financial year. Major section had ruled the first quarter of 2021 as a loss-carrier of the effects cast by the coronavirus pandemic. But the collections have surprised the pundits and have provided a clear-cut indication of the speedy recovery of economy. It is, indeed, a resilient show by the corporate sector to shed the economic blues and come out with a sterling performance. Another reason behind the record GST mop-up is successful use of technology to catch the unscrupulous elements in the system. Many chartered accountants have been exposed through strict monitoring and deep data analytics by the vigilance agencies. The uptick in GST collections should now be carried forward with more rate rationalisation so that the small as well as honest taxpayers are rightly rewarded for their substantial contribution.