GST Collections Cross Rs. 1 Lakh Crore Mark In October: Arun Jaitley

GST collections cross Rs 1 lakh crore in October

GST collections in October crossed the Rs 1 lakh crore mark, after a gap of 5 months, on the back of festive demand, anti-evasion measures.

The Finance Ministry Thursday said 67.45 lakh businesses filed goods and services tax (GST) returns in October and deposited Rs 1,00,710 crore as taxes.

“GST collections for October 2018 have crossed Rs 1 lakh crore. The success of GST is lower rates, lesser evasion, higher compliance, only one tax and negligible interference by taxation authorities,” Finance Minister Arun Jaitley tweeted. Click to read more

GST collection surges to over Rs 1-lakh crore in October

The Goods and Services Tax (GST) collections for October have crossed Rs 1-lakh crore after a gap of five months and is 6.64 per cent higher as compared to September’s collection of Rs 94,442 crore. Union Finance Minister Arun Jaitley attributed the higher collection to lowering of rates, lesser tax frauds and better compliance. The total gross GST revenue collected in October is Rs 100,710 crore, of which CGST (Central GST) is Rs 16,464 crore, while Rs 22,826 crore is the state GST. The government collected Rs 53,419 crore (including Rs 26,908 crore collected on imports) as the Integrated GST. The government collected Rs 8,000 crore as cess, including Rs 955 crore as import collection. Click to read more

GST Collections Cross Rs. 1 Lakh Crore Mark In October: Arun Jaitley

Revenue collections under the Goods and Services Tax (GST) crossed the Rs. 1 lakh crore mark in October, Finance Minister Arun Jaitley said on Thursday. This was a marked improvement over the September GST collection (for August) which stood at Rs. 94,442 crore.

Jaitley attributed the rise in the tax mop-up to lower tax rates and higher compliance. “GST collections for October 2018 have crossed Rs. 1 lakh crore. The success of GST is lower rates, lesser evasion, higher compliance, only one tax and negligible interference by taxation authorities,” he said in a tweet. Click to read more

GST collection crosses ₹1 lakh crore in Oct

Collection from Goods and Services Tax has crossed ₹1 lakh crore for the second time since the indirect tax regime was introduced in July last year.

GST mop-up had crossed the Rs 1 lakh crore mark for the first time in April.

A Finance Ministry statement, issued on Thursday, said the total gross GST revenue collected in October, was little over ₹1 lakh crore. Out of which CGST (Central Goods and Services Tax) was ₹16,464 crore while SGST (State Goods and Services) and IGST (integrated Goods and Services Tax) contributed ₹22,826 crore and ₹53,419 crore respectively. Total collection trough cess was ₹8,000 crore. Click to read more

Rs 100-cr ‘fake GST bills’ by Ludhiana operator

An operator working out of a single room on Gill Road in Ludhiana is suspected to have supplied fake GST bills worth Rs 100 crore to at least 100 companies in the largest trading city of Punjab, that is fast turning into a hub of tax fraud.

The trading firm issued bills for the huge sum despite seeming to have made only negligible purchases. Looking at the inexplicable figures, the Punjab Excise and Taxation Department has initiated an investigation into what it suspects to be a shell company floated to get input tax credit (ITC) by selling fake Goods and Services Tax (GST) bills. Click to read more

India One Of World Bank’s Top Reformers: Officials

At the same time, they cautioned that entering the top 50 bracket – a goal set by Prime Minister Narendra Modi in 2014 – is a tough nut to crack, even though at this point of time, it no longer seems to be impossible for India.

“India is one of our top reformers, one of our top 10 performers. It was also on the top 10 list last year.. two years in a row, which is sometimes very difficult to do,” Shanta Devarajan, the World Bank’s Senior Director for Development Economics and Acting Chief Economist, told PTI in an interview. Click to read more

Why Manohar Parrikar’s absence has left Goa’s economy in doldrums

Goa witnessed political uncertainty on a number of occasions in the 1990s when successive state governments survived for less than a year. Today, once again, the state is going through a phase of instability.

Goa is facing a deep economic and political crisis because chief minister Manohar Parrikar has been undergoing treatment for pancreatic cancer since February this year and governance has come to a virtual standstill. Click to read more

India jumps 23 places in global ease of doing business rankings

Sustained business reforms over the past several years helped India jump 23 places to move to 77th position in this year’s global ease of doing business rankings. India carried out six business reforms during the past year, earning the credentials of being a top global improver for a second consecutive year, says the World Bank Group’s Doing Business 2019: Training for Reform report, released on Wednesday. Last year India was ranked 100 in the list. Click to read more

LPG price hiked by Rs 2.94 per cylinder

Subsidised cooking gas (LPG) price Wednesday was hiked by Rs 2.94 per cylinder due to tax impact on the change in base price. A 14.2-kg subsidised LPG cylinder will cost Rs 505.34 from midnight tonight as against Rs 502.40 now, Indian Oil Corp (IOC), the nation’s biggest fuel retailer, said in a statement here.

This is the sixth straight monthly increase in rates since June. In all rates have gone up by Rs 14.13 per cylinder since then. All LPG consumers have to buy the fuel at market price. The government, however, subsidises 12 cylinders of 14.2-kg each per households in a year by providing the subsidy amount directly in bank accounts of users. Click to read more

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