Adverse budgetary factors today include extension of the free-feeding scheme, higher subsidies for fertilisers and petroleum products, and higher interest payments. Even so, the half-yearly fiscal deficit was just 35% of the annual estimate against the historical average of 77%. The main reason was that central tax revenue in this period shot up to a record 53% of the annual estimate.
GST has boomed. Starting in 2017 it replaced hundreds of separate state-wise duties with an all-India tax structure. India’s system had more GST rates than any other country, facilitating tax misdeclaration. Glitches galore impeded GST collection and for years collections fell short of even Rs 1 trillion per month. Suddenly the monthly average has soared to over Rs 1.4 trillion. The October collection hit Rs 1.52 trillion. GST revenue in the last 12 months has totalled a record 7% of GDP. This reflects procedural improvements to check evasion and looks at permanent structural improvement.
This story is from the November 06, 2022 edition of The Times of India Hyderabad.
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This story is from the November 06, 2022 edition of The Times of India Hyderabad.
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