GST COLLECTIONS
Centre sacrificed large amount of GST revenue to compensate states: Former CEA Subramanian
Former Chief Economic Advisor Arvind Subramanian revealed that the Centre has been sacrificing a substantial portion of GST revenue, amounting to 1 per cent of GDP annually, to uphold a 14 per cent compensation guarantee for states since the introduction of the tax regime. Subramanian emphasised the importance of maintaining the current structure of GST, stating that bringing petrol and alcohol under GST would not be advisable.
Revenues of top 18 states to grow 8 to 10 per cent this fiscal: CRISIL
Revenues of India's top 18 states, accounting for 90% of the gross state domestic product, are projected to grow by 8-10% to ₹38 lakh crore this fiscal year, driven by robust GST collections and central fund devolution, according to a CRISIL Ratings report. This follows a 7% growth in revenues last year.
Economy on strong wicket after fiscal first quarter
India's economy showed strong first-quarter performance with surging manufacturing activity, robust GST collections, and record-high Sensex, alongside a rise in passenger car sales and new export orders from overseas markets, as highlighted by industry experts and economic indicators.
GST brought relief to households with reduction in prices: FinMin
The Goods and Services Tax (GST) has completed seven years of implementation, resulting in cheaper household items, improved tax compliance among businesses, and a wider tax base, according to the finance ministry. Since its introduction on July 1, 2017, replacing 17 local taxes, the GST has reduced tax rates on many household goods, increasing affordability for consumers.
GST collection rises 8 pc to Rs 1.74 lakh cr in Jun
The June 2024 GST collection reached Rs 1.74 lakh crore, marking an 8% increase from May 2024. EY India Tax Partner, Saurabh Agarwal, emphasized the need for the next wave of GST reforms to tackle working capital blockages and implement sector-specific solutions.
Budget 2024: India’s GST kitty remains central focus; a look at overall collection
India GST Collection Budget 2024 | Finance Minister Nirmala Sitharaman is set to incorporate robust Goods and Services Tax (GST) collections, hitting Rs 2.1 lakh crore in April 2024, into Union Budget 2024. With May's collections at Rs 1.73 lakh crore, GST continues to streamline, aiding government fiscal strategies amidst economic growth and coalition governance challenges.
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Centre may prepay market loans taken to compensate states for GST revenue loss during Covid years
The compensation cess was initially brought in for five years to make up the revenue shortfall of states, following the implementation of the Goods and Services Tax (GST). The compensation cess expired in June 2022, but the amount collected through the levy is being used to repay the interest and principal of the Rs 2.69 lakh crore that the Centre had borrowed during COVID-19.
Reduce GST slabs, hike exemption threshold for firms with up to Rs 1.5 cr turnover: GTRI
The Global Trade Research Initiative (GTRI) proposed several reforms to enhance India's Goods and Services Tax (GST) system on its 7th anniversary. Recommendations include raising the GST exemption limit to Rs 1.5 crore for firms (up from Rs 40 lakh), simplifying the tax structure by reducing slabs and eliminating state-wise registration requirements. GTRI highlighted GST's role as the world's largest indirect tax platform, with over 1.46 crore registrations.
GST collection in May moderates from record high to Rs 1.73 lakh crore
In May, the Centre collected Rs 1.73 lakh crore in GST, a 10% annual increase. This is down from April's record Rs 2.1 lakh crore. The growth stemmed from a 15.3% rise in domestic transactions and a 4.3% decline in imports. Net GST revenue, after refunds, was Rs 1.44 lakh crore.
RBI's ₹2 lakh-crore boost may help India's new govt have an easy-peasy run to achieve a goal
The RBI on May 22 announced a record-high dividend transfer to the government equivalent to 0.6 per cent of GDP ( Rs 2.1 lakh) from its operations in FY24. The figure has surpassed the 0.3 per cent of GDP expected in the FY25 budget from February. Hence, the rating agency said that it will aid the authorities in meeting near-term deficit reduction goals.
Govt's cash balance surges, banks starve
The ongoing general elections have led to a surplus in government cash balances, impacting the banking sector due to reduced spending. The Centre's adoption of efficient fund management practices has resulted in over ₹3 lakh crore in cash balances, affecting borrowing costs and liquidity in the market.
RBI's record dividend presents a delicious dilemma for new Indian government
As India prepares for a new government by June 4, a significant Rs 2.11 lakh crore windfall awaits allocation. Options range from faster deficit reduction to increased spending. Analysts anticipate positive investor sentiment, though preferences vary between deficit reduction and expenditure. The BJP-led government's cautious approach contrasts with opposition promises
Implementation of GST has helped poor: Sitharaman
Finance Minister Nirmala Sitharaman highlighted the significant impact of GST on the economy, praising its role in benefiting the poor by lowering taxes on essential items and improving tax buoyancy across states.
Stage set for more reforms, growth
Dabur India assured that all its spices meet the regulations set by the FSSAI for the Indian market and by the Spice Board of India for overseas markets. CEO Mohit Malhotra stated that export consignments undergo testing by the Spice Board before shipment, ensuring compliance with regulations. The company uses steam sterilization for export consignments and has established an in-house micro lab for microbial testing.
Uttar Pradesh pips Tamil Nadu in monthly GST revenue collections
In April 2024, Uttar Pradesh outpaced Tamil Nadu in GST collections by 19%. Tamil Nadu slipped to fifth place. Total GST collections crossed Rs 2.10 lakh crore, boosted by economic activity and domestic transactions.
Record GST mop-up reflects robust eco, audit efficacy; raises hope for further reforms: Experts
Tax experts hailed the record-breaking GST collection of Rs 2.10 lakh crore in April, attributing it to a robust economy and effective audit and scrutiny by the tax department. They anticipate this achievement to pave the way for further tax reforms after the formation of the new government. The surge in collection is seen as a result of higher self-compliance, better enforcement measures, and increased consumer spending on items like air conditioners and beverages to combat the summer heat.
April GST numbers are here and they're off the charts
India's economy is estimated to have grown 7.6% in FY24. The IMF expects India's GDP to expand 6.8% in FY25, retaining its status as the world's fastest-growing major economy. Total GST collection was ₹1.78 lakh crore in March while the monthly average for FY24 was ₹1.68 lakh crore.
GST revenue collection hits record high of Rs 2.10 lakh cr in April
India's Goods and Services Tax (GST) collections soared to a new peak of Rs 2.10 lakh crore in April, marking a 12.4% increase from the previous year, according to the Finance Ministry. The surge was fueled by a 13.4% rise in domestic transactions and an 8.3% increase in imports.
Indian economy on upward trajectory: NCAER's cites favorable above-normal monsoon forecast
The NCAER's April 2024 Monthly Economic Review (MER) highlights the Indian economy's robust performance, citing a 16-year high in the PMI for manufacturing and record UPI transactions. With positive global forecasts and decreasing inflation, the economy looks poised for growth, though online hiring activity shows a slight moderation.
Systemising the game
MeitY's AI advisory ignited debates on regulating AI. SROs, endorsed by RBI for fintech sector, are crucial. Online gaming sector under GoI's scrutiny. Skill vs chance, clear guidelines, and international regulatory examples are key for effective governance.
India's net direct tax kitty at Rs 19.58 lakh cr, exceeds revised estimates by Rs 13k cr
India's net direct tax collections surged by 17.7% year-on-year to Rs 19.58 crore in fiscal year 2023-24, exceeding revised estimates by Rs 13,000 crore, reflecting economic buoyancy and rising income levels. Gross direct tax collections (provisional) for FY 2023-24 rose 18.48% to Rs 23.37 lakh crore, with refunds totaling Rs 3.79 lakh crore.
Indirect tax collection for FY24 exceeds RE by handsome margin: CBIC chief
FY24 indirect tax collection exceeded Revised Estimates with record GST collection. CBIC chairman praised tax officials for professionalism, highlighting excise duty, customs, and revised direct tax target.
Indian government meets revised tax collection targets for fiscal 2024: Official
The Indian government has met the tax collection target for 2023-24 of over Rs 34.37 lakh crore, driven by strong economic activity and improved compliance. Direct tax target was set at Rs 19.45 lakh crore, while GST collections hit record highs. India's robust growth projected at 7.6%-8%.
March GST collections up 11.5% at Rs 1.78 lakh crore, second highest so far
“This surge was driven by a significant rise in GST collections from domestic transactions at 17.6%,” the finance ministry said in a statement.
March GST collection up 11.5% YoY at Rs 1.78 lakh cr, FY24 mop-up crosses Rs 20 lakh cr
In March 2024, Goods and Service Tax (GST) collection surged 11.5% year-on-year to Rs 1.78 lakh crore, marking the second-highest since GST's inception in July 2017. For FY24, GST collection soared by 11.7% to Rs 20.14 lakh crore, with average monthly collection rising to Rs 1.68 lakh crore from the previous year's Rs 1.5 lakh crore.
Northeast among biggest gainers of GST, says Finance Minister Sitharaman
Speaking at the Indian Institute of Technology in Guwahati, Sitharaman said the compounded annual growth rate (CAGR) of GST revenue of the north-eastern states has been 27.5% since its introduction in 2017-18. This was way above the CAGR of 14.8% under the earlier indirect tax regime. Elevated tax mop up has enabled these states to spend more on development programmes, she added.
Indian economy remains resilient, says NCAER report
PMI for manufacturing activity accelerated to 56.5 in January from 54.9 in December 2023, reflecting an expansionary momentum while PMI for services went up to 61.8 in January from 59 in December 2023, it added. "The markers for the month like PMI and GST collections point to a resilient macroeconomic environment.
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