Opposition parties and a section of media keeps trying to project that the economy has suffered badly during the Modi government, but the data keeps proving them wrong. Today two different data points reveal a state of the economy which does not match with the narrative that opposition is trying to build up.
Total gross GST revenue collected in March, 2019 is ₹ 1,06,577 crore of which CGST is ₹ 20,353 crore, SGST is ₹ 27,520 crore, IGST is ₹ 50,418 crore (including ₹ 23,521 crore collected on imports) and Cess is ₹ 8,286 crore (including ₹ 891 crore collected on imports).
— Ministry of Finance (@FinMinIndia) April 1, 2019
The total gross GST collection in March 2019 was ₹1,06,577 crore, which was highest since the introduction of GST. Out of total GST collection of ₹1,06,577 in March, CGST is ₹ 20,353 crore, SGST is ₹ 27,520 crore, IGST is ₹ 50,418 crore and Cess is ₹ 8,286, finance ministry informed.
An official statement issued by finance ministry said that this reflects an increase of 15.6% over GST collection in March 2018, which was ₹92,167 crore.
Collection in March, 2019 has been highest since introduction of GST. Revenue in March, 2018 was ₹ 92,167 crore & revenue during March, 2019 is a growth of 15.6% over revenue in same month last year. Revenue for last quarter in 2018-19 is 14.3% higher than same period last year.
— Ministry of Finance (@FinMinIndia) April 1, 2019
The average GST per month during the financial year 2018-19 was ₹ 98,114 crore, which is 9.2% higher than the average for FY 2017-18. These figures indicate that the revenue growth has been picking up in recent months, despite various rate rationalization measures.
The fact that GST collection has gone up despite the reduction in rate on various items, means that the business activities in the country are increasing at a steady rate, and more businesses are being brought under the tax regime.
The BSE Sensex also hit an all-time hit today, reaching the 39,110.68 and crossing the 39,000 for the first time. In the last 5 years, Sensex has gone up from 22000s to the current level, growing steadily over the years. The share markets are displaying bullish trends due to a positive outlook about the economy. The country has also experienced strong FII inflows, reflecting in the stock exchange indices. The Rupee has also recovered in recent times, and markets are expecting a rate cut from RBI.
