J P Chawla & Co. LLP

Fineprint Vol.12 2020

India’s road to economic recovery has started, although the Indian GDP is poised for contraction by 7.7%. India’s economy is also showing signs of a ‘V-shaped’ recovery in 2021 with the return of consumers, growing stock markets, an upswing in manufacturing, services, and exporters. Sectors like e-commerce, AI, ITES, IT development, SAAS and health services are leading the growth in the pandemic. 

Another indicator of recovery is an increase in GST collections, the gross GST revenue collected in the month of December 2020 rose to ₹1,15,174 crore, an all-time monthly high since the implementation of the new tax regime. This is the third month in a row in during this fiscal that GTS has gone past ₹ 1 lakh crore. These revenues are 12% higher than the GST collections of December 2019. 

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