Helped by government stimulus measures, the Goods and Services Tax (GST) collection in November crossed Rs 1 lakh crore, after dropping below the Rs 1 lakh crore level for three consecutive months amid a deceleration of economic growth. November's GST collection stood at Rs 1,03,492 crore, of which CGST was Rs 19,592 crore, SGST Rs 27,144 crore, IGST collections stood at Rs 49,028 crore (including Rs 20,948 crore collected on imports) and Cess was recorded at Rs 7,727 crore (including Rs 869 crore collected on imports).
Despite improved festive demand, GST collection remained below Rs 1 lakh crore in October. GST collection rose to Rs 95,380 crore in October against Rs 91,916 crore in September, but it was still 5.29 per cent less in comparison to Rs 1 lakh crore collected in the same month last year. This is yet another month in a row when GST mop-up has slipped below Rs 1 lakh crore. Hit by consumption slowdown, the tax collections have been subdued in the last few months.
While addressing a press conference in Delhi, President of the World Bank, David Malpass on Saturday said, “India has a financial sector that has made progress in terms of monitoring of assets, the bankruptcy process and deepening of banking system in looking for ways to go forward.” “Prime Minister Modi has a goal of 5 trillion dollar economy. It is a powerful vision and goal. It will be assisted by innovations in the financial sector,” he added.
International Monetary Fund (IMF) on Thursday said that India's economic growth is "much weaker" than expected due to corporate and environmental regulatory uncertainty and "lingering weakness" in some non-Bank financial companies. "Again, we will have a fresh set of numbers coming up but the recent economic growth in India is much weaker than expected, mainly due to corporate and environmental regulatory uncertainty and lingering weakness in some non-Bank financial companies and risks to the outlook are tilted to the downside, as we like to say," IMF spokesman Gerry Rice told reporters at a news conference.
Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), Bibek Debroy said on Friday that the country's real GDP growth is expected to be between 6.5 and 7.0 in 2019-20 and several reform measures introduced by the government were meant to boost growth. Bibek Debroy discussed the state of the country's economy at the India Economic Conclave 2019, said that 'downturn' was a more appropriate word than 'recession'. Watch to know more!
India's gross GST collections slipped below Rs 1 lakh crore to Rs 98,202 crore in August, according to official data released on Sunday.Gross revenue collections from the Goods and Services Tax (GST) in July stood at Rs 1.02 lakh crore.The August 2019 mop-up was, however, 4.5 per cent higher than the Rs 93,960 crore collected in the same month last year.This is the second time during this year that the revenue collection from the GST has slipped below the Rs 1 lakh crore mark. First, it happened in June when the collection was Rs 99,939 crore.Central GST collections stood at Rs 17,733 crore, State GST Rs 24,239 crore, and Integrated GST Rs 48,958 crore (including Rs 24,818 crore collected on imports) during August this year, a statement said.
The National Company Law Tribunal Thursday (NCLT) stayed its own order allowing the government to prosecute the three partners of Deloitte and BSR Associates for their alleged culpability in the IL&FS RPT IL&FS fraud following a plea to allow them to appeal at the appellate tribunal. Staying its own order of July 18, the Mumbai NCLT gave 10 days to Udayan Sen and Kalpesh Mehta of Deloitte, and Sampath Ganesh of BSR Associates to file an appeal and said the impugned order would remain inoperative for the next four weeks from today.
On July 5, Finance Minister Nirmala Sitharaman will present the first Budget of Modi 2.0 government. What are the key demands and expectations of Foreign Investors from the budget? Watch it to know.
Modi govt’s corruption crackdown shows results, black money in Swiss banks falls, hits 2nd-lowest level in 2 decades. Black money fell by 6% in 2018 to 955 million Swiss francs (Rs 6,757 crore).
Unaccounted wealth outside the country held by Indians was estimated in the range of USD 216.48 billion to USD 490 billion over various periods between 1980 and 2010, according to three separate studies conducted by three premier institutes -- NIPFP, NCAER and NIFM.
Finance Minister Nirmala Sitharaman, Minister of State for Finance Anurag Thakur and senior officials of the ministry Saturday observed the symbolic 'Halwa' ceremony to mark the launch of formal printing of documents relating to the Union Budget 2019-20. The NDA government would on July 5 unveil the full Budget for 2019-20. Watch now. (Text: PTI)
The Economic Advisory Council to the Prime Minister (EAC-PM) on Wednesday rejected the claims of former CEA Arvind Subramanian regarding over-estimation of GDP growth after 2011, saying his analysis ignores data on services and agriculture and shows blind trust in a private firm CMIE.
The Goods and Services Tax (GST) collection for the month of May rose 6.67 percent to Rs 1,00,289 crore from a year ago period staying above Rs 1 lakh crore in monthly revenue mop-up. The collection is, however, lower compared to April when the gross revenue had touched all time high of Rs 1,13,865 crore. This figure is about 6.67% higher on a yearly basis but lowers on a monthly basis.
GST revenue mop-up scaled a monthly record high of over Rs 1.13 lakh crore in April, an increase of 10 per cent over the collection in the year-ago period, on the back of anti-evasion steps taken by tax officers. Total number of summary sales return GSTR-3B filed for the month of March up to April 30 stood at 72.13 lakh. April 2019 is the second consecutive month when Goods and Services Tax (GST) collection exceeded Rs 1 lakh crore. In March, the mop-up was Rs 1.06 lakh crore.
The Reserve Bank of India (RBI) has announced that it will shortly issue Rs 20 denomination banknotes, in the Mahatma Gandhi (New) series, bearing the signature of the central bank's governor Shaktikanta Das. "The Rs 20 note will be greenish-yellow in colour. The new banknote has a motif of Ellora Caves on the reverse, depicting the country's cultural heritage," a statement by the RBI said. All the banknotes in the denomination of Rs 20 issued by the RBI in the earlier series will continue to be legal tender, it clarified.
The central board of the Reserve Bank of India on Monday decided to pay Rs 28,000 crore as an interim dividend to the government. This is the second successive year when an interim dividend has been provided. This takes the government's total surplus to Rs 68,000 crore.
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