00:00So I want to talk today about the stupendous rise in GST collections in
00:05India and obviously that is a factor of the fact that how GST reforms have been
00:11so effective in this country. I think the latest figure is that April to August
00:1724 has been the highest collections of all time in GST era which is 8.06 lakh
00:24crore which is grew vis-a-vis last year at 10.2% so we can expect that kind of
00:31growth for this financial year as well. I think what's been fabulous to see is
00:36that you know from the time GST has been implemented in 17-18 where the
00:40collection was 7.19 lakh crore to 23-24 at 20.18 lakh crore we have seen a CAGR
00:50of 19% so growth of 19% year-on-year has been stupendous and I think the major
00:57reason is that more and more businesses are coming to the formal economy, the GST
01:02reforms of the government have been effective and because of ease of
01:10compliance over the last 5-6 years more and more people have been able to pay
01:17their GST on time and at the correct rates and more than anything it shows
01:23the growth of the of the economy as a whole and this has also allowed the
01:29states to develop their growth agenda to take their infrastructure development
01:34and other development of the state forward so I think it's a great
01:38indicator for the domestic economy and I think a lot of this surge is due to the
01:44surge in domestic consumption particularly this year is what we are
01:48seeing is that there have been some slowdown in imports while at the same
01:52time the purchase and sale transactions domestically are going up showing the
01:57buoyancy of the country and the buoyancy of the economy. I want to also talk to
02:03you about how this in some way is also linked to UPI because the digital
02:09transactions of this country are growing phenomenally high and I think that is
02:16because of the ease of use of UPI. I think we have the best digital payment
02:22infrastructure in the world where we are able to give consumers the option of
02:28transferring money digitally through UPI without any cost and that's not seen
02:34anywhere in the world and that's why NPCI and the government are trying to
02:38push this also to other countries globally. We are seeing that this month
02:45in August a 3% increase in UPI transactions vis-a-vis July at 14.96
02:53billion transactions and this has been the highest ever since 2016 when this
02:59platform was operationalized. So you are seeing a continuous adoption of digital
03:04payments in India. I think this will lead to more and more businesses,
03:09companies, individuals being part of the formal economy and that will have a
03:14direct correlation with GST collections and buoyancy of tax collections
03:20overall for the economy.
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