Gujarat’s GST collection fell by 2% on year to Rs 9,333 crore in November, as the industries are facing the pressure of a demand slowdown.
Attributing the dip to reduced global demand, a senior official with the state finance department said large industries engaged in exports business are suffering business losses. He added that the cascading impact of these business losses gets transmitted on to smaller units which are supplying these large industries not only in Gujarat but across the country.
The country’s overall GST collections grew 11% on year to Rs 1.46 trillion.
Pathik Patwari, president Gujarat Chamber of Commerce and Industry (GCCI), said production across the sectors has witnessed a sharp decline due to recession in Europe, Middle-East and the US markets. Patwari claimed that the pace of infrastructure and real-estate projects has also slowed down in the wake of declining demand.
Further, consumer spending on FMCG goods has also fallen due to inflation which has also impacted GST collection. Credit uptake has also declined in the wake of decreasing order books of manufacturing units, industry sources said.
Gujarat is among the top three states in India for GST collections after Maharashtra and Karnataka. “Performance of MSMEs has also been hampered due to higher raw-material costs and fuel prices,” said Atul Kapasi, president of Gujarat Small Industries Federation (GSIF).
Source from: https://www.financialexpress.com/economy/gujarats-november-gst-mop-up-down-2-on-year/2906805/
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