The national accounts statistics will soon fetch the quarterly goods and services tax data and details on the taxpaying units which will further improve the quality, as mentioned by the statistics ministry.
The ministry of statistics and programme implementation (MoSPI) recently contacted the finance ministry and asked for multiple details on GST such as tax collections along with summary information on units, classification-wise those who had paid the taxes.
According to an official, “We have asked finance ministry for GST data on output, input and revenue, They are aware of our request but are waiting for the GST data and system to stabilize.”
One of the economists stated that the data will surely clean the proxies within the tax data and would help in the reduction of data collection costing and will further improve the statistical data quality.
The chief economist from crisil said that “GST should be leveraged for national statistics because it will improve data by making it quick, timely and robust, Besides reducing costs, the response burden will also go down substantially. This process should be initiated as soon as possible.”
The GST data can be used for further examination and analysis as soon as the list of units which are registered under the GST scheme provides the details and tax data to MoSPI.
It seems that the statistical data will be a lot more useful for the country to develop strategies and future targets for the data mechanism.
