GST Sep revenue drops to Rs 91,916 cr, adds to slowdown worry | WeForNews | Latest News, Blogs GST Sep revenue drops to Rs 91,916 cr, adds to slowdown worry – WeForNews | Latest News, Blogs
Connect with us

Business

GST Sep revenue drops to Rs 91,916 cr, adds to slowdown worry

Published

on

New Delhi, Oct 1 : Reflecting the consumption slowdown in the economy, the goods and services tax (GST) collection fell 2.67 per cent to Rs 91,916 crore in September on a year-on-year basis.

This is the lowest monthly number since February 2018, adding pressure on the government’s finances. The figure is much lower than Rs 1 lakh crore-mark with experts terming it worrying for the government.

“The total gross GST revenue collected in the month of September, 2019 is Rs 91,916 crore of which CGST is Rs 16,630 crore, SGST is Rs 22,598 crore, IGST is Rs 45,069 crore (including a, 22,097 crore collected on imports) and cess is Rs 7,620 crore (including Rs 728 crore collected on imports),”a Finance Ministry statement said.

The total number of GSTR 3B returns filed for the month of August up to September 30, 2019 was 75.94 lakh.

The government has settled Rs 21,131 crore to CGST and Rs 15,121 crore to SGST from IGST as regular settlement.

“The total revenue earned by Central government and the state governments after regular settlement in the month of September, 2019 was Rs 37,761 crore for CGST and Rs 37,719 crore for the SGST,” the statement said.

Aditi Nayar, Principal Economist at ICRA, said that the year-on-year decline in the headline GST collections in the month of September 2019 and the sub 5 per cent growth in H1 FY2020 have reinforced concerns regarding impending shortfalls in the Government of India’s indirect tax collections relative to the budgeted target for FY20.

“This is a risk not only for the Central government’s fiscal situation but also for the state governments which receive 42 per cent of shareable central taxes as central tax devolution,” Nayar said.

With the government already committed to scaling up public spending to boost the sagging economy, lower GST collection could throw its fiscal maths out of gear. By lowering corporate tax, it has already taken a big bet.

Tax experts said that GST collection should improve on festive season demand starting this month.

“October-December is the period when India spends the most. Going by the initial trends of consumption, the big billion sale of Flipkart and Amazon is happening and a certain level (of sales) is being maintained. People are starting to buy more. It will be important to see if government is able to make up for the lower collection in the next three months,” said Amit Kumar Sarkar, Managing Partner, Versari Advisors India LLP.

He said that government needs to collect Rs 1,10,000 crore to Rs 1,15,000 crore on an average in November-January period. Then, the GST slowdown and the collections around that would probably get squared off.

Finance Minister Nirmala Sitharaman had in July significantly lowered her projections for GST collections in the Budget for 2019-20 against the interim Budget presented in February. Accordingly, Centre expects to collect Rs 6.63 lakh crore, down 13 per cent against previous estimate of Rs 7.6 lakh crore.

M.S. Mani, Partner, Deloitte India said that the lower collections seem to be on account of the lower GDP growth numbers as GST is a transaction tax which is immediately impacted by any decline in economic activity.

“However, the subsequent festival season is expected to improve collections, “he added.

Sectors such as automobile and housing have witnessed extended slowdown with demand remaining muted. The Centre has announced a slew of measures to boost the economy and prop up various sectors but the outcome is yet to be seen.

In a major tax bonanza, the government last month announced to reduce corporate tax to 22 per cent from 30 per cent hoping it will boost investment and growth. Subsequently, it also reduced GST on various goods and services such as hotels and gems & jewellery items to spur growth.

Business

Black Friday Deals: Realme to bring offers on Realme X3 Superzoom, X50 Pro, Buds Air Neo and more

The Black Friday sale will take place on Realme’s online store, Flipkart and Amazon.

Published

on

Realme X2 Pro

Over the last few years, online and offline retailers have been offering their Black Friday deals for almost an entire week ahead of Thanksgiving, and some of these deals and offers last well after the Cyber Monday sale.

Black Friday Sale is here!!

After Xiaomi, handset maker Realme on Thursday announced a Black Friday Sale that would arrive with several offers and discounts on a range of its products. The Black Friday Sale would be live for 24 hours and would start November 27, 12:00 AM. The sale would see massive discounts on a range of Realme smartphones including Realme 6i, Realme 6, Realme X3 Superzoom and X50 Pro, and various AIoT products such as Realme Buds Classic, Realme Smart Watch, Realme Buds Air Neo and Realme Smart Cam 360°.

“Realme would also be hosting the ‘Realme Days’ sale offering similar discounts on its own website Realme.com, Flipkart and Amazon.in,” the company said in a statement.

The Black Friday sale will take place on Realme’s online store, Flipkart and Amazon. In addition to the discounts, SBI credit cardholders can avail of 5% cashback on EMI transactions.

  • Realme is offering discounts from Rs 1,000 up to Rs 7,000 for its Black Friday sale. Realme X50 Pro has received the biggest discount of Rs 7,000 bringing its price down to Rs 34,999 from Rs 41,999. Realme X50 Pro with 12GB RAM and 256GB storage also gets a discount making its offer price Rs 40,999.
  • Realme X3 SuperZoom will be available with a Rs 4,000 discount on all three variants. Realme X3 has also received a Rs 3,000 discount on both its variants. Realme C3, Realme 6, Realme 6i, and Narzo 20 Pro can be purchased with a discount of Rs 1,000.
  • In the AIoT portfolio, Realme Buds Air Neo would be available at a discounted price of Rs 1999, along with the Realme Buds Wireless Pro for Rs 3199 and Realme Buds Air Pro at a special price of Rs 4299. These offers would be applicable on all purchases made through Realme’s official website Realme.com.
Continue Reading

Business

Amazon Quiz Answers Today, November 25, 2020: Answer and Win Rs 5000 Pay Balance

Amazon quiz Answers Today, November 25, 2020: The Amazon Quiz for November 25, 2020, is live and today you have the chance to Win Rs 5000 Pay Balance.

Published

on

Amazon

Amazon quiz Answers Today, November 25, 2020: The Amazon Quiz for November 25, 2020, is live and today you have the chance to Win Rs 5000 Pay Balance. The trivia quiz gives a chance to users across the country to win exciting gifts every day by answering a set of simple questions.

After giving the right answers to the questions users can win mobile phones, other gadgets, and Amazon Pay Balance. E-commerce giant Amazon never disappoints its users and today’s gift is special for all the online shopping lovers.

Today’s Amazon Quiz Information

Today’s Amazon Quiz Prize: Win Rs 5000 Pay Balance
Amazon Quiz Date: November 25, 2020:
Amazon Quiz Time: 8 am–12 pm
Winners List Declaration Date: To be announced

Answers for today’s Amazon quiz contest- November 25, 2020

Q1- Char-chaporis are shifting riverine islands of the Brahmaputra located in which Indian state?
Ans- Assam
Q2- In 2020, who became the first bowler to pick up a wicket off the first ball in an IPL final?
Ans- Trent Boult
Q3- Alu, Bittu and Sattu are characters in which recent Rajkummar Rao movie?
Ans- Ludo
Q4- These objects are used to do what kind of activity?
Ans- Surfing
Q5- In which city also known as the ‘Blue City’ is this picture taken?
Ans- Jodhpur

How to Play Amazon Quiz Contest Daily?

1. Download the Amazon India App from Google Play Stores or Android App
2. Sign up or log in to your Amazon account
3. Once login you can check the homepage banner of the App click on Amazon Quiz for today.
4. Start playing the Amazon quiz contest.

Where to find the latest answers for Amazon Quiz?

You can find all the right Answers for Amazon Quiz here. With Amazon Quiz you can win various exciting prizes. Choose the right answers for the Amazon daily quiz and you can be the lucky winner. The Amazon Quiz contest is live at 8:00 AM and it ends at 12:00 PM.

Continue Reading

Business

Congress opposes move to let corporates enter banking sector

Published

on

By

chidambaram

New Delhi: The Congress on Tuesday opposed the proposal to allow corporates and business houses enter the banking sector, contending that this move will leave the depositors at their mercy as it happened in the case of Yes Bank and Laxmi Vilas Bank.

Addressing a press conference, former Finance Minister P. Chidambaram said: “The Congress party condemns the proposal and demands that the government, unequivocally and forthwith, declare that it has no intention of pursuing the proposal.”

“We call upon all the people of India and all political parties and trade unions to join us in resolutely opposing the retrograde idea of allowing corporates and business houses to enter the banking sector and set up banks,” he added.

The Congress alleged that the proposal, ostensibly based on a report of an RBI Internal Working Group, has the fingerprints of the Modi government written all over it.

This proposal, along with some other recommendations, is part of a deeper game plan to control the banking industry, it said, claiming that the proposal, if implemented, will completely reverse the enormous gains made in the last 50 years of retrieving the banking sector from the clutches of business houses.

Noting that all over the world, especially in developed economies, three principles govern banking — broad-based shareholding reflecting shareholder democracy, strict separation of ownership and management with ownership with shareholders and management in professional hands, and prohibition of connected lending, Chidambaram said that all three will be thrown out of the window if corporates and business houses are allowed to set up banks.

“Bank funds belong to the depositors who are the people of this country. As a proportion of total deposits, the equity of a bank is minuscule. The total deposits in the banking industry is of the order of Rs 140 lakh crore… If business houses are allowed to own banks, they will, with a small equity investment, control very large amounts of the nation’s financial resources. This must not happen and the Congress will strive its utmost to ensure that this will not happen,” Chidambaram said.

He said that it “is shocking that such an idea should have been presented to the people as though it has the imprimatur of experts and the endorsement of the RBI”.

“Just as the RBI was the cat’s paw of the government in the saga of demonetisation, the RBI is being used by the government to push through its dangerous agenda,” he said.

Continue Reading
Advertisement

Most Popular

Corona Virus (COVID-19) Live Data

COVID-19 affects different people in different ways. Most infected people will develop mild to moderate illness and recover without hospitalization.