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GST collection for Oct at over Rs 1.30 lakh cr

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The GST collection of the government maintained its momentum this fiscal year despite Covid disruption as a pickup in economic recovery is shoring up corporate earnings.

The gross GST revenue collected in the month of October 2021 stood at Rs 1,30,127 crore, which is a growth of 24 per cent over the GST revenues in the same month last year and 36 per cent over 2019-20.

The revenue for October is also the second highest ever since introduction of GST, second only to that in April 2021, which is related to year-end revenues.

This is very much in line with the trend in economic recovery. This is also evident from the trend in the e-way bills generated every month since the second wave, a finance ministry statement said.

According to the statement, of the total October GST collection, CGST is Rs 23,861 crore, SGST is Rs 30,421 crore, IGST is Rs 67,361 crore (including Rs 32,998 crore collected on import of goods) and Cess is Rs 8,484 crore (including Rs 699 crore collected on import of goods).

The government has settled Rs 27,310 crore to CGST and Rs 22,394 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of October 2021 is Rs 51,171 crore for CGST and Ts 52,815 crore for the SGST.

During the month, revenues from import of goods was 39 per cent higher and the revenues from domestic transaction (including import of services) are 19 per cent higher than the revenues from these sources during the same month last year.

The revenues would have still been higher if the sales of cars and other products had not been affected on account of disruption in supply of semi-conductors, the finance ministry said.

The revenues have also been aided due to the efforts of the State and Central tax administration resulting in increased compliance over previous months, the ministry added.

In addition to action against individual tax evaders, this has been a result of the multipronged approach followed by the GST Council. On the one hand, various measures have been taken to ease compliance like nil filing through SMS, enabling Quarterly Return Monthly Payment (QRMP) system and auto-population of return. During the past one year, GSTN has augmented the system capacity considerably to improve user experience.

On the other hand, the Council has also taken various steps to discourage non-compliant behaviour, like blocking of e-way bills for non-filing of returns, system-based suspension of registration of taxpayers who have failed to file six returns in a row and blocking of credit for return defaulters.

The number of returns (GSTR-3B) of every month/quarter by the end of next month is a good parameter indicating timely payment of returns and filing of returns. After the last date of filing of returns, special efforts are undertaken to ensure compliance by the end of the month in form of messaging by GSTN and close follow up by the Centre and State tax administration.

This has also been aided by the fact that at various occasions, the Council decided to waive late fee allowing people to file old returns and come up-to-date in filing of returns. With more and more taxpayers filing the returns every month, the percentage of returns of old period filed in any month has been increasing continuously.

About 1.5 crore returns were filed in the month of July 2021 as taxpayers filed returns of past months taking benefit of the relaxation given due to Covid.

With improvement in return filing, the focus of the GST Council has been on timely filing of GSTR-1, the statement containing details of invoices. This statement is critical to ensure discipline in taking input tax credit. Various steps have been taken to ensure timely filing of GSTR-1.

Overall, the impact of these efforts has ensured increased compliance and higher revenues. As a part of overall efforts to plug evasion, more steps to restrict fake ITC are under consideration of the GST Council, the ministry statement said.

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India should remain vigilant after Myanmar’s crackdown on cyber scam hubs

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New Delhi, Oct 25: Amid the massive crackdown on cybercriminals in Myanmar, India needs to remain vigilant about numerous cyber scam centres in China-Myanmar border areas that target its citizens, according to a report.

The scam hubs in Kayin State, the Wa region, and the China-Myanmar border areas, where the central government’s reach is limited, lure victims with fake online job postings, confiscate passports, and force them to conduct fraudulent cryptocurrency and romance scams targeting victims worldwide, according to the report in India Narrative

“New Delhi, Beijing, and Bangkok have all demanded that Naypyidaw take action after hundreds of their citizens were trafficked into scam operations,” the report mentioned.

According to reports, a statement by Myanmar’s military information ministry said its forces had “cleared” KK Park, a synonymous with online fraud, money laundering and human trafficking for the past five years.

More than 2,000 people were detained, and around 30 Starlink satellite terminals used to maintain communications networks for scam operations were seized.

For India, these cyber hubs have become a mounting concern.

In March this year, the Ministry of External Affairs confirmed that almost 300 nationals had been rescued from cyber-scam compounds in Southeast Asia, including in Myanmar. According to reports, up to 540 individuals were repatriated in a subsequent phase via Thailand.

Notably, a hybrid form of governance, blending armed-group control, corruption, and foreign criminal investment, has turned Kayin State into a cybercrime haven.

“For the Myanmar junta, the KK Park raid signals to neighbouring countries that it can enforce border security and control hybrid criminal-militia activities,” the report noted.

However, the challenges remain as the networks behind these compounds are deeply embedded in cross-border trafficking and crypto-fraud.

According to media reports, more than 5,400 Chinese suspects involved in telecom fraud in Myawaddy, Myanmar, have been repatriated in a joint crackdown on cross-border telecom fraud launched by China, Myanmar, and Thailand since the beginning of 2025.

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Gold records first weekly loss after nine-week surge

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New Delhi, Oct 24: Gold ended a nine-week winning streak this week, with a sharp correction as the market reassessed a rally that had pushed prices into overbought territory.

The price of 24-carat gold (10 grams) ended at Rs 1,22,419 on Friday, down from Rs 1,23,827 from its previous close, according to data published by the India Bullion and Jewellers Association (IBJA).

Spot gold fell 0.3 per cent to close at $4,113.05 an ounce in New York, resulting in a weekly loss of approximately 3.3 per cent.

The price for 10 grams of bullion closed last week at Rs 1,30,874, and the price had been declining throughout the week. Analysts said that the pullback was sharp, but the yellow metal pared losses on Friday due to a weaker-than-expected U.S. inflation report, which bolstered expectations for further monetary easing by the Federal Reserve.

This development also led to a slight decline in bond yields and an increase in bullion prices. Traders anticipate two rate cuts before year-end, a scenario that bolstered gold prices.

Investors also assessed the potential for improved US-China relations as US President Donald Trump and his Chinese counterpart Xi Jinping prepare for their upcoming meeting. There are forecasts that a de-escalation of trade tensions may lessen demand for safe-haven assets like gold.

A recent correction occurred after a strong rally that started in mid-August, which saw prices reach an all-time high of $4,381.52 an ounce on Monday. Profit-taking and significant outflows from gold-backed ETFs intensified the selling pressure.

Gold is up by 57 per cent this year, driven by central-bank purchases, dovish signals from the US Federal Reserve and strong ETF inflows.

Earlier this week, a Ventura Securities report said that gold has generated returns of approximately 63 per cent in rupee terms since last Dhanteras, and a possible rally towards Rs.1.5 lakh per 10 grams is possible by 2026.

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Apple’s first foldable iPhone in late 2026 set to redefine experiences

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New Delhi, Oct 25: Apple’s foldable, expected around late 2026, could redefine consumer expectations and push foldables into a new mainstream adoption phase, according to a new report.

The biggest structural shift is expected in late 2026, when Apple’s first foldable iPhone is expected to debut.

According to the Counterpoint Research report, Apple’s entry would instantly expand consumer awareness and accelerate replacement demand across high-income segments.

Given Apple’s ecosystem influence, its launch year could dramatically reshape brand dynamics, lifting total market volumes.

The report predicts the US foldable smartphone market to grow 68 per cent (on-year) in 2025, as it enters a period of solid growth after several years of experimentation.

The growth is being driven by broader form factor adoption, improved durability of foldable designs and more diversified portfolios from multiple brands.

This year, portfolio expansion and ecosystem readiness are defining the market.

Samsung is set to maintain its leadership with the refreshed Galaxy Z Fold and Flip lineup, having added an FE variant to broaden accessibility, while also preparing to unveil its long-awaited tri-fold device later in the year.

Meanwhile, Motorola is rapidly scaling its Razr series through wider carrier partnerships in the prepaid market, narrowing the share gap with Samsung faster than in prior cycles.

According to the report, Google’s Pixel 10 Pro Fold, launched in October 2025, sits between Samsung’s premium offerings and Motorola’s lifestyle-driven designs, testing how effectively the brand can turn its AI-first Android experiences into tangible hardware differentiation.

Liz Lee, Associate Director at Counterpoint Research said that while Samsung continues to lead in maturity and ecosystem strength in 2025, Motorola’s rapid expansion in the clamshell segment and Google’s AI-driven approach are reshaping competition.

Apple’s eventual arrival in 2026 will not only expand the market but also cement foldables as a mainstream premium smartphone format, Lee mentioned.

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