A review of GST data disaggregation by ASSOCHAM has noted that consumption has increased, thereby leading to a revival of Indian economy
Bengaluru: As reported by Times of India, a review of GST data disaggregation by ASSOCHAM has noted that consumption has increased, thereby leading to a revival of Indian economy.
States like Gujarat, Rajasthan, Tamil Nadu and West Bengal are filling the 'shopping cart' at a fast clip, it adds.
In all, 23 states and UTs registered a positive GST revenue collection trend during February, reflecting an uptick in consumption.
It is to be noted that Gujarat has achieved the enviable position of being amongst the largest consumption states and has grown its revenue at an impressive pace of 14 per cent year-on-year in February (from Rs 7215 crore to Rs 8221 crore).
Though Maharashtra is the largest consumption state, its annualised GST growth was on the lower side, partly because of a large base.
Along with Karnataka, Maharashtra showed a modest annual expansion of two per cent for the month. However, credit also goes to these states for maintaining consumer confidence despite being amongst the largest consumption states.
''The consumption story is catching up with the trend being led by manufacturing, FMCG, chemicals, fertiliser, real estate and construction with a major positive impact on industries such as steel and cement. Once the capacity utilisation reaches to the fullest, the investment wheel of the economy too would pick up momentum, giving further traction to the economy," ASSOCHAM Secretary General Deepak Sood said, as quoted by the website.
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Last Updated Mar 7, 2021, 4:03 PM IST