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GST Collection
Why is it in news?
- The GST revenues in October surpassed ₹05 lakh crore mark, first time since February 2020.
Details
- The GST revenue had seen a contraction of 23.9% in the first quarter of this year.
- Out of ₹05 lakh crore collected in October, Rs 19,193 crore is Central GST; Rs 25,411 crore State GST and Rs 52,540 crore Integrated GST.
- Government cited the increased GST inflows as a ‘clear’ sign of a recovery in the economy.
- However, economists and businesses are cautious about the sustainability of this trend.
- Some potential reasons for this surge could be the demand on account of the festivities.