Gst Collections

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Improvement in sentiment during festive season expected to trigger pick-up in consumption, steel demand: Tata Steel
Business

Improvement in sentiment during festive season expected to trigger pick-up in consumption, steel demand: Tata Steel

Tata Steel India recorded an output of 4.50 million tonne (MT) in the second quarter as against 4.30 MT in the corresponding quarter of the previous financial year

GST collections dip to 19-month low of Rs 91,916 cr in September; 75.94 lakh returns filed: Finance ministry
Business

GST collections dip to 19-month low of Rs 91,916 cr in September; 75.94 lakh returns filed: Finance ministry

The Goods and Services Tax (GST) collection in September declined to Rs 91,916 crore, as against Rs 98,202 crore in the preceding month, as per government data released on Tuesday

Govt unlikely to reduce GST rates for auto, biscuit manufacturers amid fall in revenue collection; fitment panel rejects tax cuts
Business

Govt unlikely to reduce GST rates for auto, biscuit manufacturers amid fall in revenue collection; fitment panel rejects tax cuts

Another concern of the government is that if it succumbs to the pressure of biscuit manufacturers, the sectors that face the same tax rate of 18% may also seek a GST cut

GST collections dip below Rs 1 lakh crore to Rs 98,202 cr in August; slowdown in economy impact revenue collections
Business

GST collections dip below Rs 1 lakh crore to Rs 98,202 cr in August; slowdown in economy impact revenue collections

The GST, which was introduced two years ago, has subsumed most of the indirect taxes

Weak investment, muted monetary transmission big challenges for Indian economy: Goldman Sachs
Business

Weak investment, muted monetary transmission big challenges for Indian economy: Goldman Sachs

Notwithstanding India's progress on growth and inflation, some of the big challenges for the economy include weak investment, muted monetary transmission and slow GST collections, according to Goldman Sachs

Economic Survey 2018-19: Gross tax to GDP ratio dips to 10.9% in FY19 on shortfall in indirect tax revenues
Business

Economic Survey 2018-19: Gross tax to GDP ratio dips to 10.9% in FY19 on shortfall in indirect tax revenues

The gross tax to GDP ratio declined to 10.9 percent in 2018-19 as indirect tax revenues fell short of budget estimates by about 16 percent, due to shortfall in Goods and Services Tax (GST) mop up, the Economic Survey said

GST receipts slip below Rs 1 lakh cr-mark in June in signs of sluggish momentum in tax collections
Business

GST receipts slip below Rs 1 lakh cr-mark in June in signs of sluggish momentum in tax collections

While the GST collections in June were lower than Rs 1,00,289 crore in May, they were higher than Rs 95,610 crore receipts in the same month of the previous year.

Budget 2019: Six ways new Finance Minister Nirmala Sitharaman can overhaul India's tricky direct tax system
Business

Budget 2019: Six ways new Finance Minister Nirmala Sitharaman can overhaul India's tricky direct tax system

With central excise and local sales tax accounting for roughly 50 percent of the petrol bunk prices, its migration to the GST regime brooks no delay

NSSO report: GDP data was bound to be questioned due to methodological issues; it's time CSO redefines sample
Business

NSSO report: GDP data was bound to be questioned due to methodological issues; it's time CSO redefines sample

As other variables like employment, tax collections etc. are linked with GDP numbers, the data set will always be examined more than closely for faults

Restaurants, small B2C entities under scanner for GST evasion; tax department develops mechanism to deal with issue
Business

Restaurants, small B2C entities under scanner for GST evasion; tax department develops mechanism to deal with issue

Several consumers have filed complaints through a mobile app -Iris Peridot - that GST was charged by small restaurants but the eatery neither deposited taxes with the government nor filed GST returns

Govt close to meeting fiscal deficit target of 3.4%; some numbers are still to come, says SC Garg
Business

Govt close to meeting fiscal deficit target of 3.4%; some numbers are still to come, says SC Garg

The government in the interim Budget in February revised upward the fiscal deficit target to 3.4 percent from 3.3 percent of GDP

GST collections for March at a record Rs 1.06 lakh crore, fails to meet govt target for fiscal year
Business

GST collections for March at a record Rs 1.06 lakh crore, fails to meet govt target for fiscal year

GST collections in March indicate that the revenue growth has been picking up despite various rate rationalisation measures

GST collections at record high of Rs 1.06 lakh cr in March, compliance improves amid increased number of returns filed
Business

GST collections at record high of Rs 1.06 lakh cr in March, compliance improves amid increased number of returns filed

GST collections scaled record high of Rs 1.06 lakh crore in March, up from Rs 97,247 crore in the previous month, as compliance improved amid an increased number of returns filed

Govt pushes cash-rich IOC, ONGC to pay second interim dividend for this fiscal as revenue shortfall widens
Business

Govt pushes cash-rich IOC, ONGC to pay second interim dividend for this fiscal as revenue shortfall widens

As per regulations, a company cannot declare a second dividend within a month of the previous payout and companies like ONGC would need to seek an approval of SEBI to make such a payment.

GST collection drops to Rs 97,247 cr in February; 73.48 lakh sales returns filed: Finance ministry
Business

GST collection drops to Rs 97,247 cr in February; 73.48 lakh sales returns filed: Finance ministry

GST collections dropped to Rs 97,247 crore in February from Rs 1.02 lakh crore in the previous month, the Finance Ministry said on Friday

GST collections: Statistics belie potential but Narendra Modi govt's tax reform is still a work in progress
Business

GST collections: Statistics belie potential but Narendra Modi govt's tax reform is still a work in progress

Indeed GST collections statistics belie the potential of GST i.e., what is in store for the nation from this historic makeover to the one-nation-one-tax eschewing the cascading effect.

RBI continuously monitoring liquidity situation, will ensure there is no scarcity of funds to any sector:  Shaktikanta Das
Business

RBI continuously monitoring liquidity situation, will ensure there is no scarcity of funds to any sector: Shaktikanta Das

Deputy governor Viral Acharya said the RBI doesn't have a target for real interest rates.

Finance Ministry expects Rs 69,000 cr in dividend from RBI in 2019-20; central bank has transferred Rs 40,000 cr this fiscal
Business

Finance Ministry expects Rs 69,000 cr in dividend from RBI in 2019-20; central bank has transferred Rs 40,000 cr this fiscal

The receipt from various sources, including RBI dividend, helps government meet fiscal deficit target.

PM-KISAN scheme funding: Does govt plan to rely too much on GST revenues to finance mega farmers’ project?
Business

PM-KISAN scheme funding: Does govt plan to rely too much on GST revenues to finance mega farmers’ project?

The allocation for the PM-KISAN scheme clearly has to be more than Rs 75,000 crore, unless the idea is to implement the scheme in stages.

Govt says rising revenue trend prompts to peg 18% rise in FY20 GST collections; plans to mop up over Rs 7.61 lakh cr next fiscal
Business

Govt says rising revenue trend prompts to peg 18% rise in FY20 GST collections; plans to mop up over Rs 7.61 lakh cr next fiscal

The collection during this fiscal would be less by Rs 1 lakh crore from the Rs 7.43 lakh crore estimated in the Budget for 2018-19.