Improved economic activities likely to boost GST collections in November: SBI Ecowrap
Nov 26, 2020
New Delhi [India], November 26 : Riding high on improved economic activities the Goods and Services Tax (GST) collections in November is projected to be 10-month high of Rs 1.08 lakh crore as compared to Rs 1.05 lakh crore in October 20, SBI Ecowrap stated here on Thursday.
It further explained that the November 20 collections will be very close to January 20 collections (Rs 1.10 lakh crore).
"The continued improvement in GST is mainly due to traction in economic activities and services in festive month of November," the report said.
Also the yearly SBI Composite Index has now reached a 19-month high of 53.9 (Moderate Growth) in November 2020, compared to 53.0 (Moderate Growth) in October 2020, and 50.8 (Low Growth) in November 2019.
"The monthly index touched the all-time high of 62.1 (High Growth) in November, compared to 59.3 (High Growth) in October and 49.96 (Low Growth) in November. Based on the SBI index, we believe IIP and IIP manufacturing may grow 2-3 per cent in October and 3.5-4.5 per cent in November," stated the report authored by Dr Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India.
The SBI Business Activity Index, meanwhile, has jumped to the highest since March 9, for the week ended November 23.
