GST Collections Touched Rs 1.16 Lakh latest news headlines

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GST Collections Touched Rs 1.16 Lakh Crore In July 2021

GST collections for July 2021 were Rs 1.16 lakh crore

Goods and Services Tax (GST) collections for July 2021 were Rs 1.16 lakh crore, 33 per cent more than the corresponding period of last year.

According to figures released by Finance Ministry on Sunday, gross GST revenue collected in July 2021 are Rs 1,16,393 crore, out of which Central GST is Rs 22,197 crore, State GST is Rs 28,541 crore and Integrated GST is Rs 57,864 crore (including Rs 27,900 crore collected on import of goods) and cess of Rs 7,790 crore (including Rs 815 crore collected on import of goods).

GST collections in July 2020 had stood at Rs 87,422 crore, while sequentially they had stood at Rs 92,849 crore in June this year.

“GST collection, after posting above Rs 1 lakh crore mark for eight months in a row, dropped below Rs 1 lakh crore in June 2021 as the collections during the month of June 2021 predominantly related to the month of May 2021,” the finance ministry said in a statement.

During May 2021, when the country had been severely hit by the second wave of the Coronavirus pandemic, many states were under partial or complete lockdown.

“With the easing out of Covid restrictions, GST collection for July 2021 has again crossed Rs 1 lakh crore, which clearly indicates that the economy is recovering at a fast pace. The robust GST revenues are likely to continue in the coming months too,” the ministry said.

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Latest News Today – Centre Released 600 Lakh Tonnes Of Food Grains During

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Centre Has Released 600 Lakh Tonnes Of Food Grains During Pandemic For Poor

Centre released 600 lakh tonnes of food grains under Pradhan Mantri Garib Kalyan Ann Yojana

Centre released around 600 lakh tonnes of food grains during the Coronavirus pandemic year 2020-21 and 2021-22 under Pradhan Mantri Garib Kalyan Ann Yojana (PMGKAY).

According to Ministry of Consumer Affairs data, out of the 600 lakh tonnes of food grains allotted to the scheme’s beneficiaries during the period, 400 lakh tonnes of stocks had been lifted by states till July 14, 2021.

The total stock of food grains in the Central Pool as on July 1, 2021 was 900 lakh tonnes, consisting of 603 lakh tonnes of wheat and 296 lakh tonnes of rice.

The PMGKAY had been initiated by the Government in March 2020 after the pandemic-induced nation-wide lockdown had been imposed and millions of migrant workers were forced to return to their native places.

The scheme was aimed at providing such displaced people and those in rural areas with free food grains.

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Latest News Today – Centre Got Rs 94,181 Crore As Excise Duty Levy On

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Centre Got Rs 94,181 Crore As Excise Duty Levy On Petrol, Diesel In June Quarter

Centre has received record collections through excise duty levy on petrol and diesel

The Centre has collected Rs 94,181 crore through excise duty levy on petrol and diesel during the first quarter period of 2021-22.

Excise duty on petrol was hiked from Rs 19.98 per litre to Rs 32.9 in 2020-21 in order to take advantage of falling international crude prices, which had dipped sharply during the previous fiscal due to the Coronavirus pandemic which had erupted during that year.

This information was provided to the Lok Sabha through a written reply by Minister of State for Petroleum and Natural Gas Rameswar Teli to a slew of questions on rising petrol and diesel prices, which have crossed the Rs 100 mark in several states across the country.

Similarly the excise duty on diesel was also hiked to Rs 31.8 from Rs 15.83 a litre, according to the minister’s reply.

This led to excise collections on petrol and diesel jumping to Rs 3.35 lakh crore in 2020-21 (April 2020 to March 2021), from Rs 1.78 lakh crore a year back, he said.

Collections would have been higher but for fuel sales falling due to lockdown and other restrictions imposed to curb the spread of the coronavirus pandemic, which muted economic activity and stalled mobility, the minister further added in the reply.

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Latest News Today – Rupee Hits Three-Month Low, Traders Expect More Losses

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Rupee Hits Three-Month Low, Traders Expect More Losses

Rupee fell to its lowest levels in three months on Monday

The rupee dropped to its lowest level in three months on Monday, in line with other Asian currencies, as the rapid spread of the Delta variant of coronavirus threatened to derail economic recovery.

The partially-convertible rupee ended at 74.87/88 per dollar, compared with its close of 74.56 on Friday. The currency fell 0.4 per cent on the day, its biggest single-day fall since June 17.

“The bias of risk appetite is gradually turning towards risk-off as markets evaluate the impact of a resurgence in Covid-19 cases worldwide against a backdrop of escalating inflation environment and emergence of US-China tensions,” said Upasna Bharadwaj, economist at Kotak Mahindra Bank.

Stock markets and currencies in Asia saw heavy losses as some countries in the region tightened curbs to tackle a highly contagious Delta variant-fuelled surge of infections that sparked a sell-off in risky assets. 

India reported 38,164 new infections in the last 24 hours, data from health ministry showed, with deaths rising by 499 — the lowest in more than three months. The country’s broader NSE share index and the main BSE share index both dropped 1.1 per cent each.

The dollar gained broadly as investors expressed renewed skepticism over the potential for a strong economic rebound from the pandemic.

Looking ahead, traders now broadly expect the rupee to trade in a range of 74.40-75.40 over the week.

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Latest News Today – Vaccination Push Has Brightened Near-Term Prospects Of

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Vaccination Push Has Brightened Near-Term Prospects Of Economy, Says RBI

Aggressive vaccination push has brightened near term economic prospects, RBI has said

The near-term prospects for the Indian economy have brightened with the tapering of the second wave as well as aggressive vaccination push, is what the Reserve Bank of India (RBI) has observed in its monthly bulletin for July 2021, while commenting on the overall state of the economy.

At the same time though, it has noted that a substantial increase in aggregate demand has not happened, even though various high frequency indicators have shown a recovery.

On the other hand, the central bank’s bulletin said that agricultural conditions are favourable with monsoon’s revival, however the second wave has adversely impacted the revival of manufacturing and services sectors.

“A pick-up in inflation is driven largely by adverse supply shocks and sector-specific demand-supply mismatches caused by the pandemic,” the bulletin said.

These factors should ease over the year as supply side measures take effect, it noted.

Monetary policy transmission in the country is the second key area under focus in RBI’s bulletin, where it has said that transmission of policy repo rate changes to deposit and lending rates of scheduled commercial banks (SCBs) has improved substantially since the introduction of external benchmark linked lending rate (EBLR) regime in October 2019.

“Data collected from banks suggest that the share of outstanding loans linked to external benchmark in total floating rate loans has increased from as low as 2.4 per cent during September 2019 to 28.5 per cent by the end of 2020-21,” it said.

The third main focus of RBI bulletin is on the pharmaceutical exports, where it has observed that the Indian pharmaceutical industry is currently heavily dependent on its imports of active pharmaceutical ingredients (APIs), especially from China, despite having domestic research and development (R&D) potential through various channels such as joint ventures and domestic capacity improvements.

It has suggested that timely diversification of imports of raw materials and a long-term approach towards R&D is required for elevating the sector’s global position.

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Latest News Today – Economy Will Record Double-Digit Growth In 2021-22, Says

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Economy Will Record Double-Digit Growth In 2021-22, Says Niti Aayog Vice Chairman

Niti Aayog vice chairman Rajiv Kumar has said that India will touch double-digit growth in 2021-22

The economy will register a double-digit growth in the current fiscal and the disinvestment climate also looks better, Niti Aayog Vice Chairman Rajiv Kumar has said, even as the country’s economy shrunk in 2020-21.

He also asserted that the country is better prepared in case there is a Covid wave as states have also their own lessons from the previous two waves.

“We are now hopefully getting past our (Covid-19) pandemic and the economic activities will be strengthened as we get into the second half of this (financial) year given what I have seen for example various indicators, including the mobility indicators,” Mr Kumar told PTI in an interview.

The Indian economy has been adversely impacted by the Coronavirus pandemic and the recovery has been relatively sluggish in the wake of the second wave.

Against this backdrop, the Niti Aayog Vice Chairman exuded confidence that the economic recovery will be “very strong” and those agencies or organisations which have revised their GDP estimates downwards for this fiscal may have to revise them upwards again.

“Because, I expect India’s GDP growth this fiscal would be in double digits,” he said.

The economy contracted by 7.3 per cent in the financial year ended March 31, 2021.

S&P Global Ratings has cut India’s growth forecast for the current fiscal to 9.5 per cent from 11 per cent earlier, while Fitch Ratings has slashed the projection to 10 per cent from 12.8 per cent estimated earlier.

The downward revisions have been mainly due to slowing recovery post second Covid wave.

Indicating the possibility of a strong rebound, the Reserve Bank of India (RBI) has pegged economic growth at 9.5 per cent in the current fiscal.

Asked when private investments will pick up, Mr Kumar said in some sectors like steel, cement and real estate, significant investment in capacity expansion is happening already.

In the consumer durable sector, it might take longer because consumers might feel a little hesitant due to uncertainty on account of the pandemic, he said. “Full-fledged private investment recovery, we should expect by the third quarter of this(fiscal,” he added.

Responding to a query on concerns over a possible third Covid wave, the Government think tank’s vice chairman said that the Government is much better prepared in case such a situation comes up.

“I think the government is far better prepared now to face the third Covid wave, if at all it does come up. I feel the impact of the third wave on the economy will be much weaker than it was during the second wave and the beginning of the first wave,” he said.

According to Mr Kumar, the Government’s preparation is very significant and also the states have learned their own lessons.

Recently, the government announced an additional Rs 23,123 crore funding, mainly aimed at ramping up health infrastructure.

On whether the Government will be able to achieve its ambitious disinvestment target this fiscal, Mr Kumar said that despite the second Covid wave and its significant impact on the health side, markets have remained buoyant and they touched new heights.

“I think this sentiment will not only continue but will strengthen as we go forward. India’s story remains very strong especially with respect to FDI which has now created a new record both for 2020-21 and between April to June in 2021-22,” he said.

Pointing out that a good number of IPOs of startups are lined up, he said, “the climate for disinvestment is looking better and I am very hopeful that the disinvestment target would be fully realised.”

The Government has budgeted Rs 1.75 lakh crore from stake sales in public sector companies and financial institutions. Achieving the target will be crucial for the Government’s finances which have been stressed due to the pandemic and resultant increase in spending activities.

When asked about the option of the Government issuing Covid bonds to raise money, Mr Kumar said, “Well give it whatever names you like, the point is that if the Government needs to borrow more money for expanding capital expenditure, it could go ahead because that will attract more private investments.”

He noted that the Government should issue bonds, whether these are Covid bonds or infrastructure bonds, the name is immaterial and pointed out that bond yields have not risen despite higher borrowing requirements of both the Central and state governments.

“This means that there is an appetite for government borrowings and the deficit would be financed without much difficulty,” he said.

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Latest News Today – Vaccination Can Mitigate Impact of Covid Third Wave,

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Vaccination Can Mitigate Impact of Covid Third Wave, Says SBI Economic Adviser

SBI’s economic adviser Soumya Kanti Ghosh has said vaccination can mitigate pandemic impact

Vaccination is the only option if India has to mitigate the impact of the possible third wave of Coronavirus infection, which is expected to reach its peak in the second week of August 2021, chief economic adviser of the State Bank of India (SBI), Soumya Kanti Ghosh told NDTV.

Discussing the major aspects of SBI’s report titled ‘Covid-19: The Race To Finishing Line’ which had released on July 5, Mr Ghosh said, “the peak of the third wave will depend on how far we are able to vaccinate. We are hoping that the number of cases in the third wave would be lower than the first wave.”

He also added that the seriousness of the infection spread through the Delta variant needs to be looked into.

“We need to focus on vaccinating more people to bring down the impact of infections,” Mr Ghosh said.

 The SBI report had stated that third wave peak is going to be 1.7 times than the peak of second wave of pandemic.

According to the report, household debt jumped sharply to 37.3 per cent of the GDP during the pandemic affected year of 2020-21 compared to 32.5 per cent in 2019-20.

On this Mr Ghosh said, “rising household debt to GDP ratio is a point of concern. At the same time though, it is among the lowest compared to other nations.”

He expressed optimism that at some point of time it may decline.

On the huge deposit outflows at the beginning of the second wave of the pandemic, the SBI chief economic adviser said that if cases come down then deposit outflows rate will also improve.

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Latest News Today – Increase In Household Debt Stress Is Worrying, Says SBI

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Increase In Household Debt Stress Is Worrying, Says SBI Report

Second Coronavirus wave in India has led to a rise in household debt stress

The beginning of second Covid-19 wave has resulted in significant deposit outflows from banking system in alternated fortnights, the pace of which has now again moderated, according to a report from State Bank of India’s (SBI) economic research department.

It said one of the worrying features is rising household debt stress. Household debt – after taking into account retail loans, crop loans and business loans from financial institutions like commercial banks, credit societies and non banking finance companies (NBFCs) – has sharply increased to 37.3 per cent of GDP in 2020-21 from 32.5 per cent of GDP in 2019-20.

“The decline in bank deposits in FY21 and concomitant increase in health expenditure may result in further increase in household debt to GDP in FY22,” said the report.

India’s household debt to GDP ratio is still lower than other countries, though there is need to supplement wage income as a percentage of GDP that has been declining.

However, the report noted that various indicators showed improvement in economic activity in June. SBI business activity index shows significant improvement in activity since May-end with the latest reading for the week ended June 28.

Significantly, the report further mentioned that global experience shows that countries with high per capita GDP have been associated with higher Covid-19 deaths per million, while low per capita countries are associated with low Covid-19 deaths, showing that high income countries suffered more during the pandemic

Indian experience shows that states with high per capita GDP have been associated with higher Covid-19 deaths per million while low per capita GDP are associated with low Covid-19 deaths.

Bihar, Jharkhand, Uttar Pradesh, Assam, Odisha and Rajasthan all have low per capita income and low deaths per million. At the same time, Maharashtra, Uttarakhand, Kerala, Karnataka, Tamil Nadu and Himachal Pradesh have high per capita income and high deaths per million.

The SBI report said that certain states like Rajasthan, Delhi, Himachal Pradesh, Kerala and Uttarakhand have already given double dosage of vaccine to larger percentage of population above 60 years. Total vaccine doses as percentage of population above 60 years is more than 100 per cent for these states, implying double dose to many.

Overall vaccination in rural areas remains low. Certain states like Gujarat, Karnataka, Kerala, Andhra Pradesh, Uttarakhand and Rajasthan have vaccinated greater proportion of rural population than compared to others.

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Latest News Today – Government Notifies Facilities in Pune And Hyderabad For

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Government Notifies Facilities in Pune And Hyderabad For Covid Vaccine Testing

Centre has notified two facilities in Pune and Hyderabad for Covid vaccine testing

To ramp up testing and quality control of Coronavirus vaccines in the country, the Centre has notified two testing facilities in Pune and Hyderabad for the purpose.

Department of Biotechnology, under the aegis of Ministry of Science & Technology has set up two vaccine testing facilities in its autonomous research institutes namely National Centre for Cell Science (NCCS) in Pune and National Institute of Animal Biotechnology (NIAB) at Hyderabad designated them as Central Drug Laboratories (CDL), for batch testing and quality control of vaccines.

The facility at NCCS, Pune, has now been notified as a Central Drugs Laboratory for testing and lot release of COVID-19 vaccines through a gazette notification .The facility at NIAB ,Hyderabad is likely to receive it notification shortly.

Currently, the nation has a Central Drugs Laboratory (CDL) at Kasauli, which is the national control laboratory for testing and pre-release certification of Immunobiologicals (vaccines and antisera) meant for human use in India.

Since the outbreak of Coronavirus pandemic, the Department of Biotechnology has been involved in vaccine development, diagnostics and testing, bio-banking and genomic surveillance.

The facilities in Pune and Hyderabad have been involved in many aspects of infectious disease related work in India, and have contributed to advancement of cutting-edge research output in areas of Biotechnology

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Latest News Today – Amazon, Tata Say E-Commerce Rules Will Hit Businesses:

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Amazon, Tata Say E-Commerce Rules Will Hit Businesses: Report

Tata Group, Amazon have warned that new e-commerce rules will impact their businesses

Amazon.com Inc and Tata Group warned government officials on Saturday that plans for tougher rules for online retailers would have a major impact on their business models, four sources familiar with the discussions told Reuters.

At a meeting organised by the Consumer Affairs Ministry and the Government’s investment promotion arm, Invest India, many executives expressed concerns and confusion over the proposed rules and asked that the July 6 deadline for submitting comments be extended, said the sources.

The Government’s tough new e-commerce rules announced on June 21 aimed at strengthening protection for consumers, caused concern among the country’s online retailers, notably market leaders Amazon and Walmart Inc’s Flipkart.

New rules limiting flash sales, barring misleading advertisements and mandating a complaints system, among other proposals, could force the likes of Amazon and Flipkart to review their business structures, and may increase costs for domestic rivals including Reliance Industries’ JioMart, BigBasket and Snapdeal.

Amazon argued that COVID-19 had already hit small businesses and the proposed rules will have a huge impact on its sellers, arguing that some clauses were already covered by existing law, two of the sources said.

The sources asked not to be named as the discussions were private.

The proposed policy states e-commerce firms must ensure none of their related enterprises are listed as sellers on their websites. That could impact Amazon in particular as it holds an indirect stake in at least two of its sellers, Cloudtail and Appario.

On that proposed clause, a representative of Tata Sons, the holding company of Tata Group, argued that it was problematic, citing an example to say it would stop Starbucks – which has a joint-venture with Tata in India – from offering its products on Tata’s marketplace website.

The Tata executive said the rules will have wide ramifications for the conglomerate, and could restrict sales of its private brands, according to two of the sources.

Tata declined to comment.

The sources said that a consumer ministry official argued that the rules were meant to protect consumers and were not as strict as those of other countries. The ministry did not respond to a request for comment.

A Reliance executive agreed that the proposed rules would boost consumer confidence, but added that some clauses needed clarification.

Reliance did not respond to request for comment.

The rules were announced last month amid growing complaints from India’s brick-and-mortar retailers that Amazon and Flipkart bypass foreign investment law using complex business structures. The companies deny any wrongdoing.

A Reuters investigation in February cited Amazon documents that showed it gave preferential treatment to a small number of its sellers and bypassed foreign investment rules. Amazon has said it does not give favourable treatment to any seller.

The Government will soon issue certain clarifications on the foreign investment rules, Commerce Minister Piyush Goyal told reporters on Friday.

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