High collections in June show faster business turnaround
Collection efficiency for most non-bank lenders, small-finance banks and MFIs has improved in June to 50-60%.
June GST collections stand at Rs 90,917 crore
Of the Rs 90,917 cr revenue, CGST stood at Rs 18,980 crore, SGST at Rs 23,970 crore and IGST at...
Collection of blood plasma from patients starts in Assam
The first plasma donor is a doctor of GMCH. Assam health minister, Himanta Biswa Sar...
Gross tax collection falls 31% so far in June quarter
Gross tax collection fell 31 per cent till June 15 of the current fiscal, with advance corporate tax mop-up declining 79 per cent, an offici...
Government defers release of April GST collection data
As per convention, the government releases GST revenue collection number on the basis of cash collection in a particular month. However, with the situation arising out of COVID-19, the government has decided to wait till the extended deadline for filing returns before release of the collection figure.
Government gives leeway to MSMEs from penalties, interest for GST non compliance
Industry trackers say that the government is trying to do a balancing act as it needs more revenue through GST but also doesn’t want to create hurdles for companies in terms of compliance.
UPI payments hit all-time high of 1.34 bn transactions in June
UPI payments had fell to 999.57 million in terms of volume with transactions worth Rs 1.51 lakh crore in April, following the coronavirus-induced lockdown that halted almost all services, except essentials. Online payments slowly gathered pace from May, with staggered opening of the economy.
GST collections for June 2020 stand at Rs 90,917 crore
Goods and Services Tax (GST) revenue collection in June stood at Rs 90,917 crore, up from Rs 62,009 crore mopped up in May and Rs 32,294 cro...
COVID-19 testing: Coimbatore-based engineer develops smart swab robot for sample collection
Coronavirus cases are growing in the country and same is the condition with testings. A robotic engineer from Coimbatore has developed smart...
Malls display summer collection: PPEs & masks
Malls in Gurgaon and Faridabad, in Haryana, didn’t reopen on Monday. Noida in Uttar Pradesh had allowed malls to reopen but big ones such as Mall of India, Great India Place and Logix say they plan to resume only later this week. Mumbai malls remain shut as infections rise. Most malls compulsorily checked body temperature and put in place sanitary measures for people and their belongings.
View: State governments can be better armed financially to fight Covid-19 by issuing public health bonds
If state governments spend on public health now, chances are high that their residents will be healthier and earn more later. State governments can exploit this ‘virtuous cycle’ to tax their more prosperous residents in the future and repay the bonds. In contrast, raising taxes now could potentially act as a hindrance to economic recovery.
Fall in tax collections temporary, says CBDT
"It is a fact that the net direct tax collection for the FY 2019-20 was less than the net direct tax collection for the FY 2018-19. But this fall in the collection of direct taxes is on expected lines and is temporary in nature due to the historic tax reforms undertaken and much higher refunds issued during the FY 2019-20," the CBDT said.
GST mop-up hit by Covid, 'act of God': Centre
The Centre had promised to compensate states if collection growth was under 14% in a year.
Bandhan Bank says collection efficiency improves to 55% in second week of June
The bank with predominantly high microfinance exposure has a 26000-strong field workforce who form the backbone of its repayment collection mechanism.
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