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 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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Covid: Telangana government lifts lockdown from Sunday | | Live Newspaper Hyderabad

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HYDERABAD: The Telangana government has decided to lift the Covid-19 lockdown completely from Sunday. The decision was been taken by the state cabinet in a meeting chaired by chief minister K Chandrasekhar Rao on Saturday afternoon.
As of now the lockdown is being implemented from 6pm to 6am in the state except in some parts.
The cabinet has not yet announced its decision on whether it would allow cinema theatres, recreation activities, film shootings, and ease other restricted activities.
Official sources said the state government has taken this decision based on the reports of the health department.
The government had first clamped the lockdown from May 12, initially for 10 days i.e till May 21, but was later extended till May 30.
Four hours – 6am to 10am – were relaxed for the people to purchase groceries and vegetables and go on their personal works. Later the relaxation timings were extended till 2pm and further extended till 6pm.

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Rationalise GST On Food Delivery Business To 5%, Says | Sidnaz Blog

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Budget 2021: Rationalise GST On Food Delivery To 5%, Says Industry Body

A high commission of 23-24 per cent by food delivery platforms have turned out to be a pain point

The restaurants and food delivery sector has demanded that goods and services tax (GST) on home delivery of food be reduced to five per cent from 18 per cent now to boost the USD 3 billion segment, industry officials said.

Customers taking food delivery at their home or office are paying 13 per cent higher price on the same food and beverages compared to customers who are walking down to restaurants as the dine-in tax rate is 5 per cent, they claimed.

“The online food delivery sector in India has been growing by leaps and bounds. It is currently worth USD 2.94 billion and is growing at a CAGR of 22 per cent. However, the tax complications arising due to the GST is likely to pose a roadblock to this growth,” Fooza Foods founder and managing director, Dibyendu Banerjea told PTI.

“The high GST rate of 18 per cent on online food delivery service providers and ineligibility of credit of such GST charged to the restaurants have an adverse impact on the growth of the sector. A reduction in GST rates will keep food costs affordable and create more jobs in the sector while furthering the government’s initiatives,” he said.

However, restaurateurs said a high commission of 23-24 per cent by food delivery platforms have turned out to be a pain point even for several months of reopening after lockdown, footfall for dine-in had not normalised.

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“For us, post Covid lockdown our home delivery sales got revered to 60 per cent which was 40 per cent earlier. With inability to raise prices, our bottomline is getting hit for higher commission fees despite sales had reached closer to pre-covid levels,” Platter Hospitality director Shiladitya Chaudhury said.

However, he remained optimistic that after a few months once vaccination reaches the mass, the dine-in customers will return.

“Scalability of business will be most impacted. Growth plans via new franchise outlets for marquee restaurants will be less feasible. In comparison to the five per cent GST on food bills, the GST on royalty and franchise fee is 18 per cent,” Mr Banerjea said.

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