India's Goods and Services Tax (GST) collection rose by 10. 9% to £14.56 billion in November, making it the slowest pace of expansion since June 2021, but experts were upbeat on the prospects.
According to a statement from the finance ministry revealed that, "During the month, revenues from import of goods are 20% higher and the revenues from domestic transactions (including import of services) are 8% higher than the revenues from these sources during the same month last year."
Collections for the crucial festival month of October were the fifth highest ever in November and represented the ninth consecutive month of over £14 billion mop-up, showing that the administration-tightening measures taken by the federal government and the states had caused collections to stabilise at that level.
“The GST revenues above £14 billion for a consecutive period of nine months indicate that there is no effect of recession on the Indian economy so far. The GST on imports has been down by 6-8% this month compared to the last 4 months (except October 2022, which was a festive month) which is an indicator that India is moving towards a more self-reliant economy,” said Saurabh Agarwal, tax partner at consulting firm EY India.