Business
GST revenue collection for Aug at over Rs 1.12 lakh cr

India’s gross GST revenue collection remained above the psychological mark of Rs 1 lakh crore for the second consecutive month, clocking Rs 1,12,020 crore in August 2021, as economic activity has picked up pace post the second wave of pandemic.
Though the GST revenues during August 2021 are a tad lower than the over Rs 1.16 lakh crore collections recorded in the previous month, it had maintained pace after the fall witnessed in June when collections fell to Rs 92,849 crore after a record high of Rs 1.41 lakh crore collection made in April and another over Rs 1 lakh collection in May.
Most tax experts feel that with the economy on path of recovery and GDP growth in Q1 FY22 also reaching a high of 20.1 per cent, GST collections are expected to maintain momentum through the fiscal reducing the requirement of venture to borrow more to meet the compensation needs on account tax collection shortfall to states.
“The revenues for the month of August 2021 are 30 per cent higher than the GST revenues in the same month last year,” a finance ministry statement said.
“GST collection, after posting above Rs 1 lakh crore-mark for nine months in a row, dropped below Rs 1 lakh crore in June 2021 due to the second wave of Covid. With the easing of Covid restrictions, GST collection for July and August 2021 have again crossed Rs 1 lakh crore, which clearly indicates that the economy is recovering at a fast pace,” the statement added.
According to the statement, the gross GST revenue collected in the month of August 2021 is Rs 1,12,020 crore of which CGST is Rs 20,522 crore, SGST is Rs 26,605 crore, IGST is Rs 56,247 crore (including Rs 26,884 crore collected on import of goods) and Cess is Rs 8,646 crore (including Rs 646 crore collected on import of goods).
The government has settled Rs 23,043 crore to CGST and Rs 19,139 crore to SGST from IGST as regular settlement. In addition, Centre has also settled Rs 24,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and States/UTs.
The total revenue of Centre and the States after regular and ad-hoc settlements in the month of August’ 2021 is Rs 55,565 crore for CGST and Rs 57,744 crore for the SGST.
During the month, the revenues from domestic transactions (including import of services) are 27 per cent higher than the revenues from these sources during the same month last year. Even as compared to the August revenues in 2019-20 of Rs 98,202 crore, this is a growth of 14 per cent.
Coupled with economic growth, anti-evasion activities, especially action against fake billers have also been contributing to the enhanced GST collections. The robust GST revenues are likely to continue in the coming months too, the finance ministry said.
International
Man shot in targeted attack in Australian state of Queensland

Sydney, June 6: A man has been hospitalised with serious injuries following a targeted shooting in the Australian state of Queensland.
The Queensland Police Service said on Friday that emergency services were deployed to a house in Parkwood, 65 kilometres southeast of Brisbane, around 7:50 p.m. on Thursday in response to reports that a man had sustained gunshot wounds to his leg and other injuries to his hand.
According to media, the 21-year-old man was found at the scene with serious injuries and was taken to hospital in a stable condition.
A police statement said that initial inquiries indicated that the incident was a targeted shooting and that there was no ongoing threat to the public.
An investigation into the attack was ongoing and police commenced a search for the perpetrator.
In a separate incident, Australian police are investigating a fatal stabbing in a remote outback mining town west of Sydney.
Emergency services were called to conduct a welfare check at a home in Broken Hill, over 900 kilometers from Sydney in the far west outback of the state of New South Wales (NSW), just after 11:50 p.m. on Thursday.
Police officers arrived at the scene where they found a man, believed to be aged in his 40s, with stab wounds to his neck.
He was treated by ambulance paramedics but could not be revived and was declared deceased.
Local police established a crime scene at the house and have commenced an investigation into the man’s death with assistance from the NSW Homicide Squad.
National
Kerala Guv upset after Minister skips event displaying Bharat Mata’s portrait

Thiruvananthapuram, June 6: Reacting to the controversy after the Kerala Agriculture Minister P. Prasad boycotted the state-level celebrations on the World Environment Day at the Raj Bhavan — the official residence of the state Governor, Rajendra V. Arlekar, the latter expressed his displeasure.
Speaking at the event as the state Governor, Arlekar expressed his displeasure by saying that the Agriculture Minister should also have been present here.
“The State Education Minister informed that he could not come. Then the Agriculture Minister also did not come. I do not know what better issues we have, the Agriculture Minister wanted to remove the portrait of Bharat Mata from the dais,” said Governor Arlekar.
“I told them that we will do everything else, but we cannot remove Bharat Mata’s portrait as this is what we are living for and probably that’s the reason why they did not come,” he added.
“What sort of thinking we have in our minds,” lamented Governor Arlekar.
The reason was that the State Agriculture Minister did not want the portrait of the Bharat Mata, commonly used by the Rashtriya Swayamsevak Sangh (RSS), to be placed on the central dais.
Minister Prasad told the media that the programme was decided after speaking to the Governor.
“Last night, a change was made, and this was not acceptable to the state government. The picture was not the regular Bharat Mata picture which we use, but at the Raj Bhavan, it was the one that is used by the RSS. It is not right to keep such pictures, and the Governor said it cannot be changed, and hence the state government decided not to take part in the event at the Raj Bhavan,” he said.
“This is an unconstitutional thing. It is only after this Governor took over that there have been such changes. We have the highest regard and respect towards the normal Bharat Mata picture, but not the one used by the RSS,” Prasad added.
Incidentally, on Tuesday evening, officials from the concerned Minister’s office were at the Raj Bhavan for an inspection of the Central Hall, where the picture of Bharat Mata was kept.
Later, the officials who visited the Raj Bhavan told the Minister about the picture. Following this, the Minister spoke to Chief Minister Pinarayi Vijayan, and later, the decision was taken that Minister Prasad would not attend the meeting.
The Minister called the Raj Bhavan and told that he would not be able to attend the event if the picture of Bharat Mata used by the RSS was not removed.
However, Governor Arlekar stood his ground and said that the picture of Bharat Mata would not be removed.
Later, the state government decided to hold a function in the Durbar Hall of the State Secretariat to mark the World Environment Day celebrations.
The Kerala Chief Secretary, A. Jayathilak, was directed to organise a separate event.
Prior to this event, on Thursday, there were two different state-level functions — one chaired by Governor Arlekar at the Raj Bhavan and the other in the Durbar Hall with Minister Prasad presiding over.
Prasad, a first-time legislator, is a member of the Commmunist Party Of India (CPI).
Former Kerala Minister and State CPI Secretary, Binoy Viswam, said this was unacceptable, as the picture of Bharat Mata used by the RSS should not be displayed at a state function.
Incidentally, last month, Governor Arlekar had invited prominent RSS ideologue S. Gurumurthy for a talk after the successful Operation Sindoor, and Chief Minister Vijayan had said that it was wrong to convert the Raj Bhavan into a place for the RSS.
Business
EAM Jaishankar lays out three objectives to bolster India-Central Asia trade ties

New Delhi, June 6: External Affairs Minister (EAM) S. Jaishankar has urged the India-Central Asia Business Council to recommend a roadmap for further deepening of India-Central Asia ties in trade, economic and investment.
Addressing the Business Council meeting in the national capital, EAM Jaishankar highlighted three broad objectives for strengthening the economic partnership — deepen existing cooperation, diversify the trade basket and introduce sustainability and predictability in economic interactions.
“One, is to deepen the existing cooperation both in terms of volume and in terms of quality. There is already I think a recognition in each others countries and each others economies of the players and of the products. But, we must build further on that foundation and a very good example here is actually the pharmaceutical sector,” he told the gathering.
“Two, we need to diversify our trade baskets so that all of us have more options and we have more competition and in a way we are looking for new opportunities. I would like our friends from central Asian economies to appreciate that an economy today which is in excess of $4 trillion, which is growing at 6-8 per cent annually, it will create new demands for products, for services and even I would say in a way new demands out of more prosperous lifestyles,” EAM Jaishankar emphasised.
He also stressed on the need to introduce greater sustainability and more predictability in economic interactions.
“That means more long-term contracts and arrangements, cross investments, joint ventures and certainly sectors like energy whether we are talking uranium, whether we are talking crude oil even potentially gas, whether we are looking at mining, If you are talking about coal or if you are discussing fertilizers, I think these are all relevant examples to reach really long term understatings between us,” the foreign minister highlighted.
India’s trade and economic ties with Central Asia over the last decade have shown a very strong positive trend. Mutual trade was less than $500 million a decade ago in 2014.
Today, “what we have collectively is actually a trade volume which is almost touching $2 billion. However, this figure does not reflect the full potential. The need to address this is today even more urgent because of the uncertainties of the international economy and this requires governments and businesses to work together in tandem, which is why all of us are here in this room,” EAM Jaishankar noted.
He also laid out five solutions to further bolster the India-Central Asia economic ties: Digital Economy and Innovation, Financial Services, Healthcare and Pharma, improving connectivity and streamlining Transit Procedures.
“In addition to all of this, I think you would agree that tourism, education, films, and cultural exchanges, these are all important, they should be tapped for their economic and business potential,” he mentioned.
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