GST AS A DRIVER OF ECONOMY GROWTH

Pandemic 2020 has eventually turned out to be a clutch in driving the Economy slow. Economic growth has witnessed the fall and we have to strive 10 times harder to achieve our 5-year goals. For s developing country like India, the year on year increase is a must for the graph to perpetually signal the growth. The year 2020 amid the pandemic will always be found guilty for making the Economy standstill, fall in economic activities, increase in death rate, struggle in the medical sector and the list is so long that we just wish to ignore it.

Revenue collection 

Amid the pandemic, the country has slipped down the path of development. Talking of the facts and figures, UP had total revenue of ₹ 9545 crores in Aug, last year, and total revenue collection in AUG 2020 has increased by more than ₹ 600 crores. Yes, you may read the line again, its increased.

In other words, it is 6.7% more than the same month last year thereby signaling an improvement in the economic activities, that too when we are at the Peak of corona cases.

TRENDING GROWTH

It’s a delight to see a rising graph for development as the country is daily witnessing a rising steep graph for the figures for getting the most active cases. India has posed a glimmer of hope amongst the economic crisis, showing a beautiful rise in growth. Strategic projects like the Digital India campaign and MAKE IN INDIA have been the active drivers for making the country working on the pace of development. The active fuel for economic growth will be The Goods and Services Tax (GST). Indirect taxation after facing a makeover over the actual base of the flow of goods and services will help India rise.

The expectation of GST for making INDIA rise is quite high and the same is from the neighboring and developed nations across the globe.

As against the total GST REVENUE for August, last year which was ₹ 98,202 crore, this month the figure settled on ₹ 86,449 crores. 

GST and the Indian Economy

• Removed the indirect taxes such as VAT, Excise. CST, CAD, SAD
• Simplifies and easy to comprehend tax policy.
• Helped removed the cascading effect of taxes.
• Led to a reduction in manufacturing costs as it gave a lower burden to the manufacturing sector.
• GST led to lower the burden of common man too, as one could buy the same products cheaper now.
• Eventually led to an increase in demand and consumption of goods.
• Increase in production of goods due to an increase in demand and supply.
• Boost to the Indian economy.
• Controlling the black money circulation in the economy through audits and checks.

To conclude, GST has helped the Economy to make its place after facing the numerous face-offs and opposition. It was difficult for people to understand the underlying concept of the GST and how it will;l help the economy and the common people in the long run. People gradually started following the GST regime and issuing GST compliant bills.

Catsbill, a lifetime free GST billing software helps people issue GST compliant bills, it provides complete GST solutions, on the go. Comprehended with numerous features it provides the cloud computing feature which makes the data store securely on the web and hence facilitates the efficiency of the business.