GST Collections Touched Rs 1.16 Lakh latest news headlines

[ad_1]

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.

[ad_2]

Source link

Tagged : / / / / / / / / / / / / / / / / / /

Latest News Today – Retail Inflation Likely Touched 4 Month High In March:

[ad_1]

Retail Inflation Likely Touched 4 Month High In March: Poll

India’s retail inflation touched a four-month high in March, owing to a spike in food and fuel prices. 

It though remained within Reserve Bank of India’s (RBI) range, said a Reuters poll.

The poll showed that retail inflation rose to 5.40% in March 2021 over the corresponding period, whereas even in February 2021 it was 5.03%. Forecasts ranged from 4.60% to 6.11%.

“Although India’s core inflation has remained elevated for a while, the recent acceleration in headline inflation largely reflects higher food prices,” said Tuuli McCully, 
head of Asia-Pacific economics at Scotia Bank.

“I expect the pickup to be a temporary phenomenon, yet there are significant risks surrounding the inflation outlook,” he added.

The RBI had raised its inflation projection for the first half of this fiscal year to 5.2% on Wednesday, still within the RBI’s target range of 2%-6%.

“With some cities already under COVID-19 lockdown and maybe more facing the same risk, the panic-buying like a year ago may set in to pressure inflation further up in the months ahead,” said Prakash Sakpal, senior Asia economist at ING.

The RBI kept the key repo rate at record low 4.0% and its monetary policy accommodative amid concerns of rising COVID-19 cases that could derail the nascent recovery.

Asia’s third-largest economy grew 0.4% in the Oct-Dec quarter after contracting for two consecutive quarters, its deepest recession in about four decades.

A separate Reuters poll last week predicted the biggest risk to economic growth was a surge in coronavirus cases and that the central bank would keep rates on hold this fiscal year.

“The RBI will continue to see through elevated inflation and focus on supporting growth at least until the COVID-19 risk is firmly behind,” added Sakpal.

The latest poll also predicted industrial output contracted 3.0% during February from a year earlier.

Infrastructure output, which accounts for about 40% of total industrial production and comprises eight sectors, contracted 4.6% in February.

Production of all eight core industries – including coal, crude oil, natural gas, petroleum refinery products, fertilizers, steel, cement and electricity – shrank in February.
 

[ad_2]

Source link

Tagged : / / / / / / / / / /

Cryptocurrency Bitcoin Touched New Record High Of | Sidnaz Blog

[ad_1]

Bitcoin Gains Over 5%, Touched New Record High Of $41,530 As Bull Run Continues

The market cap of all cryptocurrencies rose 10 per cent to $1.042 trillion on January 7

Bitcoin Price News: Cryptocurrency bitcoin jumped more than five per cent on Friday, January 8, to fresh record highs of $41,530, reversing losses from its earlier performance during the session. The world’s most popular virtual currency slid to as low as $36,618.36 on Bitstamp exchange before bouncing back. The rival cryptocurrency – ethereum rose 3 per cent after plunging more than 10 per cent. Bitcoin has rallied nearly 1,000 per cent since a low in March. Bitcoin has had a broader bull run since October 2020, ever since US-based online payments firm PayPal allowed its customers to use the cryptocurrency on its network. It topped $30,000 for the first time on January 2, after breaching the $20,000 mark on December 16. (Also Read: Cryptocurrency Market Cap Touches $1 Trillion: All You Need To Know )

A higher demand from corporate, institutional, and even retail investors has influenced bitcoin’s surge in prices, amid its inflation-hedging qualities and potential for quick gains. “We are seeing a continued demand spike driven largely by sustained and unprecedented institutional interest, showing no sign of abating as we move into 2021,” said Frank Spiteri of digital asset manager CoinShares.

On January 5, JPMorgan strategists wrote that the digital currency has emerged as a rival to gold and could trade as high as $146,000 if it becomes established as a safe-haven asset. On Friday, Bank of America investment strategists stated that violent inflationary price action in markets helped bitcoin’s rally in the last two months.

Newsbeep

Bitcoin is also the first and largest cryptocurrency by market capitalisation. Meanwhile, the market cap of all cryptocurrencies rose 10 per cent to $1.042 trillion on Thursday, January 7, according to data from CoinMarketCap. Bitcoin accounted for around 69 per cent of the total market capitalisation, followed by Ethereum with a 13 per cent share. Bitcoin zoomed past the $40,000 mark for the first time on Thursday. (Also Read:From $2,000 To $20,000 In 3 Years And Counting: All You Need To Know About Bitcoin’s Rally )

Witnessing a meteoric rise since March 2020, bitcoin has almost quadrupled in value, and surged exponentially since entering a four-digit value for the first time in 2013. Several major banks are exploring the possibility of allowing the issuance of virtual currencies. However, bitcoin is still a new-age asset and not yet recognised as legal by many banks. Bitcoin is equivalent to cash but is in electronic form. It was last down 0.70 per cent to $ 40,418.2 against the US dollar.

[ad_2]

Source link

Tagged : / / / / / / / / / / / / / /