GST: October collections keep falling at Rs 83,346 cr | WeForNews | Latest News, Blogs GST: October collections keep falling at Rs 83,346 cr – WeForNews | Latest News, Blogs
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New Delhi, Nov 27: The total revenue collected under GST fell by around 10 per cent to Rs 83,346 crore for the month of October from over Rs 92,000 crore in September, official data showed on Monday.

India’s Goods and Services Tax (GST) collections for the month of October totalled Rs 83,346 crore till November 27, a Finance Ministry release here said.

The GST collection for the month of July was over Rs 95,000 crore, while for August, it was more than Rs 91,000 crore. September’s indirect tax collection stood at over Rs 92,150 crore.

Commenting on the downward trend of tax revenue under GST, the government said it could be attributed to several factors including the fact that overall incidence of taxes on most goods had come down under the new tax reform.

“Since the overall incidence of taxes on most of the commodities has come down under GST, it would naturally have some implication on the revenues of the government.

“Since implementation of some of the main features of GST such as matching of returns, e-way bill as well as reverse charge mechanism have been postponed, the tax compliance may not be up to the mark,” the statement from the Finance Ministry said.

Besides, because of the initial requirement of paying Integrated GST (IGST) on transfer of goods from one state to another state, there was an additional cash flow of IGST in the first 3 months.

“As and when the final transaction of these goods takes place, the credit for IGST is being utilized for payment of SGST and CGST and therefore, the inflow of new taxes is low,” it said.

A senior Finance Ministry official said that while tax compliance may not be up to the mark, the numbers would improve as various features of GST, earlier postponed, are implemented.

The Ministry said that despite the shortfall, the states’ revenues are fully protected taking base year revenue as 2015-16 and providing a projected revenue growth rate of 14 per cent.

“The Central government has released a compensation of Rs 10,806 crore to the states for July and August, while a compensation of Rs 13,695 crore for September and October is being released,” it said.

According to the data shared by the Ministry, a total of “50.1 lakh returns have been filed for the month of October till November 26, 2017”.

Over 95.9 lakh tax payers have been registered under the GST so far, out of which 15.1 lakh are “composition dealers” who are required to file returns every quarter, it added.

IANS

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French Amundi threatens to sell-off SBI bonds over proposed Rs 5,000 cr Adani coal mine loan

Protesters were wearing a t-shirt which read slogans such as “#StopAdani”, “Stop Coal” and “#StopAdani”. Several anti-Adani protesters also gathered outside the Sydney Cricket Ground.

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Ind Aus SBI Adani protest

New Delhi: France-based Amundi, which is one of the largest investors in India’s State Bank of India (SBI), threatened to sell off SBI green bonds held by it unless it stops its scheduled Rs 5,000 crore loan to Adani’s Carmichael coal mine in Australia.

“We consider SBI should not finance this project. Ultimately it’s their decision but we’ve been extremely clear on the fact that if they decide to do it, we would immediately disinvest,” Director of the Institutional Corporate Clients Division & ESG, Jean Jacques Barberis, was quoted as saying by a global wire service.

“Financing the mine would be in “total contradiction” to the SBI activities financed through its green bond, he added.

“We have engaged SBI asking them not to participate (in the loan) and now we are waiting for their answer”, he was quoted as saying.

Amundi, which holds the SBI green bonds as part of its Amundi Planet Green Emerging Fund, said it learnt recently that the public lender is slated to fund the controversial coal mine project in Australia.

Adani’s billion-dollar Carmichael coal mine project in Queensland, Australia, has been the centre of many controversies ever since its inception as activists owing to environmental problems posed by it.

The development comes within days of Samsung Securities, the investment arm of South Korean conglomerate, announcement that it won’t back the project after it was targetted by protesters for having links to the coal miner.
Earlier this week, the first One-Day International (ODI) match between India and Australia in Sydney was halted briefly after two protesters appeared on the field holding placards against SBI and Adani Carmichael coal mine project.

Six overs into Australia’s innings, protestors walked to the center of the ground holding placards which read ‘No $1b Adani loan’ signs.

Protesters were wearing a t-shirt which read slogans such as “#StopAdani”, “Stop Coal” and “#StopAdani”. Several anti-Adani protesters also gathered outside the Sydney Cricket Ground.



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Manufacturing GVA growth in Q2 ‘surprising’: SBI Report

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Manufacturing

New Delhi, Nov 28 : The manufacturing sector played a major role in narrowing down the India’s GDP contraction in Q2 of FY21. An SBI Ecowrap report, however, dubbed the growth in manufacturing GVA as “astonishing” as the IIP manufacturing for the same period declined by 6.7 per cent.

India’s GDP in the July-September period contracted 7.5 per cent, compared with 23.9 per cent in the preceding quarter.

The GVA in Q2 2020-21 from the manufacturing sector grew 0.6 per cent, as compared with a degrowth of 0.6 per cent in the corresponding quarter of the previous fiscal.

The report by Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India, said: “Though the whole press release is full of surprising numbers, the most astonishing number is the positive growth in manufacturing in Q2.”

He noted that despite being the worst affected sector in Q1 (due to lockdown), it is quite puzzling how manufacturing turned itself around.

The IIP manufacturing and manufacturing GVA growth are highly correlated (almost more than 0.90) and this correlation collapsed in Q2 when IIP manufacturing declined by 6.7 per cent (average of July/August/September) while manufacturing GVA grew by 0.6 per cent.

He said that one possible reason for this could be stellar corporate GVA numbers in Q2 on the back of massive purge in costs.

Further, he said that small companies, with turnover of up to Rs 500 crore, are more aggressive in cutting cost, displaying reduction in employee cost by 10-12 per cent.

“This could turn a potential headwind in future in terms of a drag on consumption. Additionally, there is evidence of inventory build-up that could act as a drag on future manufacturing growth,” said the report.

“Interestingly, government consumption expenditure has also nosedived in Q2, that is difficult to explain, as such expenditures are typically pro cyclical.”

During the July-September period, agriculture sector continued to perform well with its growth pegged at 3.4 per cent. Services remained in the negative territory, although the decline was contained as trade, hotels, transport, communication and services related to broadcasting showed recovery.

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Apple patents new MacBook Touch Bar with Force Touch technology

It was also made available on iPhones and it was known as 3D Touch. Later with iPhone XR, Apple decided to replace 3D Touch with Haptic Touch for a better experience.

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San Francisco: Apple is reportedly planning to add Force Touch sensors to the OLED Touch Bar on a future MacBook Pro.

A new patent published by the US Patent And Trademark Office, suggests Force Touch could have an expanded role in the future on the Mac, with the development of a new pressure-sensitive Touch Bar, reports MacRumors.

The patent offers visual examples of how force-sensing technology would be implemented in a MacBook Touch Bar, with Force Touch circuitry surrounding the touch-sensitive OLED strip.

“The secondary display and force-sensing circuitry may be encapsulated between two glass layers that are bonded to one another by a frit. In some embodiments, the force-sensing circuitry is formed from or constitutes part of, the frit,” reads the abstract of the patent application

Force Touch sensors were introduced for the first time with the first-generation Apple Watch and they allow the screen to identify the touch pressure in order to perform different actions based on touch intensity.

This technology was then introduced to the MacBook trackpad in 2015.

It was also made available on iPhones and it was known as 3D Touch. Later with iPhone XR, Apple decided to replace 3D Touch with Haptic Touch for a better experience.

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