New Delhi, January 31: Goods and Services Tax collection is showing a higher buoyancy than the pre-GST system, auguring well for future resource mobilisation in the economy, the Economic Survey 2022-23 presented in Parliament said on Tuesday.

Giving a 5-year analysis of tax collection pre and post-GST, the survey said the taxes which were subsumed in the Goods and Services Tax had a buoyancy of one. However, the buoyancy improved to 1.1 after the GST implementation on July 1, 2017. Economic Survey 2023: Cryptocurrencies Do Not Pass Test of Being a Financial Asset.

"Improved tax collection efficiency was one of the main arguments in favour of GST. The evidence so far suggests that GST is indeed showing a higher buoyancy than the pre-GST system. This augurs well for future resource mobilisation in the economy," said the Economic Survey. Economic Survey 2022–23: Unemployment Rates Falling for Three Financial Years Through 2020–21.

Tax buoyancy refers to an increase in tax collections in proportion to a rise in national income. A higher buoyancy reflects the increased efficiency of the tax system.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)