New Delhi: The Finance Ministry hopes GST collection Gross 27% to Rs 1.42-1.43 lakh crore in August, top officials said on Wednesday, adding that the economy was set to grow at 7-7.5% during the current fiscal, with strong performance across sectors from investment to consumption .
However, officials recognized the potential impact of the slowdown in advanced economies on commodity and oil prices and exports as challenges ahead. “But India is in a better position (compared to other countries),” Economic Affairs Secretary Ajay Seth told reporters.
while the officer gst number For the month, based on transactions in July, to be released on Thursday, Seth said the collections so far pointed to strong revenue growth. He said that so far in August, e-way bills issued for goods above a certain price to be shipped from one place to another have also seen an increase of 15% as compared to the same period last year. .
“Gross fixed capital formation (used to gauge investment in the economy) and private consumption were very strong in the first quarter, something that was great for the economy. Other high frequency data is also showing decent growth, which includes GST and manufacturing,” said Seth first quarter GDP numbers Issued by Statistics Office.
Acknowledging the impact of low base on connectivity sectors, especially services, the senior civil servant said that manufacturing and other activities have not been affected significantly. delta version Due to which heavy losses occurred in April-May 2021.
Going forward, Finance Secretary TV Somanathan said, the government will maintain its focus on capital expenditure, and ensure that the Center continues to achieve the fiscal deficit target of 6.4% of GDP, despite pressure on food and fertilizer subsidies. ready for “Capital expenditure is happening at the rate at which the spending ministries can spend,” he said. There are no plans to slow it down. Every possible step is being taken to help in this.
Seth said the capital expenditure of Rs 1.7 lakh crore during the first quarter was equal to the capital expenditure during the entire 2013-14. Somanathan said private sector capital expenditure is unlikely to be impacted by a 75-100 basis points increase in interest rates and indicated that there is no need to increase government borrowing for the time being.
However, officials recognized the potential impact of the slowdown in advanced economies on commodity and oil prices and exports as challenges ahead. “But India is in a better position (compared to other countries),” Economic Affairs Secretary Ajay Seth told reporters.
while the officer gst number For the month, based on transactions in July, to be released on Thursday, Seth said the collections so far pointed to strong revenue growth. He said that so far in August, e-way bills issued for goods above a certain price to be shipped from one place to another have also seen an increase of 15% as compared to the same period last year. .
“Gross fixed capital formation (used to gauge investment in the economy) and private consumption were very strong in the first quarter, something that was great for the economy. Other high frequency data is also showing decent growth, which includes GST and manufacturing,” said Seth first quarter GDP numbers Issued by Statistics Office.
Acknowledging the impact of low base on connectivity sectors, especially services, the senior civil servant said that manufacturing and other activities have not been affected significantly. delta version Due to which heavy losses occurred in April-May 2021.
Going forward, Finance Secretary TV Somanathan said, the government will maintain its focus on capital expenditure, and ensure that the Center continues to achieve the fiscal deficit target of 6.4% of GDP, despite pressure on food and fertilizer subsidies. ready for “Capital expenditure is happening at the rate at which the spending ministries can spend,” he said. There are no plans to slow it down. Every possible step is being taken to help in this.
Seth said the capital expenditure of Rs 1.7 lakh crore during the first quarter was equal to the capital expenditure during the entire 2013-14. Somanathan said private sector capital expenditure is unlikely to be impacted by a 75-100 basis points increase in interest rates and indicated that there is no need to increase government borrowing for the time being.