By-Vivek Jalan – Partner Tax Connect Advisory Services LLP – a multidisciplinary PAN India Consulting Firm

The Year to date Net GST collection growth at 9% is much lower than the budgeted GST growth of around 11%, which was aligned more or less to the nominal GDP growth too. Further, standing at 7.9%, the month to date GST revenue growth is much lesser. Furthermore this is a festive month collection. This reflects that the economic activity in India needs a push so that the fiscal deficit target can be achieved.

As far as GST is concerned, the next GST Council meeting in November/December 2024 should see a lot of action in terms of real estate and rate rationalization, on which Group of Ministers are now working.