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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.

National

Police in Srinagar attach property worth Rs 1.5 crore under UAPA

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Srinagar, July 5: Continuing its drive against terrorism, Jammu and Kashmir (J&K) Police in Srinagar district on Saturday attached property worth Rs 1.5 crore under the Unlawful Activities Prevention Act (UAPA).

A police statement said on Saturday, “In a decisive move against the terror ecosystem and to dismantle its supporting infrastructure, Srinagar Police has attached a residential property — comprising 8 marlas and 202 sq. ft. of land along with the building structure— estimated to be worth approximately Rs 1.5 crore.

“The property, located at Mir Masjid Mohalla, Shallabagh Khanyar, and falling under Survey Nos. 3674/1147 and 3677/1148, is recorded in the name of Mohammad Yousuf Shah son of Hafiz Waliuallah Shah.”

The police statement added, “It is currently in the possession of Masood Hussain Shah son of Mohammad Yousuf Shah. The attachment has been carried out under the relevant provisions of the Unlawful Activities (Prevention) Act (UAPA) in connection with FIR No. 48/2024 under Sections 109 of the Bharatiya Nyaya Sanhita (BNS), 7/27 of the Indian Arms Act, and Sections 16, 18, 19, 20, and 39 of the UAP Act, registered at Police Station Khanyar.

“Investigations have established that the property was acquired through illegal proceeds linked to terrorist activities. Acting under Section 25 of the UAP Act, the immovable property has been formally seized and attached following due legal procedure.

“Through this attachment notice, the owner is prohibited from selling, leasing, or transferring the said property in any manner. This action is part of the sustained campaign of Srinagar Police to dismantle the terror ecosystem in a systematic manner.

“By targeting and crippling the financial networks of terrorist organisations, Jammu & Kashmir Police aims to curb acts detrimental to the security and integrity of the nation. Srinagar Police reiterates its unwavering commitment to eradicating terrorism and safeguarding public peace.”

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World-famous Mudiya Mela in Govardhan from tomorrow, cleanliness campaign launched

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Govardhan (UP), July 5: As the world-famous Mudiya Mela will kick off in Uttar Pradesh’s Govardhan on Sunday, authorities have launched a cleanliness campaign.

Over 2 crore pilgrims are expected to reach Govardhan for the mela and perform Parikrama.

The cleanliness campaign, led by District Magistrate C.P. Singh, started on Saturday and focussed on cleanliness in key areas, including Parikrama Marg, Daanghati temple, and Giriraj ji.

DM Singh swept the land near the Govardhan temple, spreading the message of cleanliness.

As per the directions of the Uttar Pradesh government, efforts are being made to provide pilgrims with proper facilities and clean surroundings, he said.

The District Magistrate said people use polythene bags and indulge in littering as they don’t care about cleanliness, but now, as prior warnings have been given, strict action will be taken against violators.

The DM pointed out that maintaining cleanliness in the area was the responsibility of the temple management, but as it failed, “our team and locals of Govardhan are carrying out the cleanliness drive.”

Highlighting the importance of cleanliness, DM Singh said, “We aim to clean the entire Parikrama marg.”

He also shared that notices have been issued to those shops which have encroached on public land. The cleanliness campaign was made successful with the efforts of Govardhan SDM Neelam Srivastava, Govardhan Tehsil and Panchayat.

For the unversed, Mudiya Mela is observed in remembrance of Sanatan Goswami, the principal disciple of Lord Chaitanya Mahaprabhu.

Legends have it that when Sanatan Goswami passed away, his disciples did parikrama of the Govardhan after tonsuring their heads. Since then, this tradition has been followed.

Notably, the 468-year-old tradition continues to draw a sea of devotees.

The devotees perform a 21-km-long Parikrama of Govardhan.

The belief with the yatra is that it bestows peace and prosperity on the devotees.

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Business

12 nations to get US tariff letters on Monday, says Trump

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New Delhi/Washington, July 5: US President Donald Trump has signed tariff letters on exports from 12 countries, which are expected to be sent out on July 7 (Monday).

Speaking to the media aboard Air Force One, the US President said the names of the countries which will receive the letters would only be revealed on Monday.

“I signed some letters and they’ll go out on Monday, probably 12. Different amounts of money, different amounts of tariffs,” he told reporters.

“The letters are better. It is much easier to send a letter,” Trump added.

Trump has suggested that the reciprocal tariffs could go even higher, potentially reaching 70 per cent for some countries, and take effect from August 1.

The US President in April unveiled a base tariff of 10 per cent on most goods entering the country, along with higher rates for certain countries, including China. Those elevated tariffs were later suspended till July 9.

Washington has concluded trade agreements with two countries – the United Kingdom and Vietnam.

Meanwhile, India’s high-level official delegation, led by chief negotiator Rajesh Agrawal, has returned from Washington without reaching a final agreement with US officials on the sensitive issue of trade in agricultural and dairy products that the US is pushing for.

However, there is still a glimmer of hope that an interim bilateral trade agreement may be reached at the highest political level in the two countries before the July 9 deadline.

The Indian team was in Washington for negotiations on an interim trade agreement with the US from June 26 – July 2.

According to Commerce Minister Piyush Goyal, India will not hurry into signing a free trade agreement under pressure from any deadline.

Speaking on the sidelines of an event in the national capital, Minister Goyal emphasised that India is ready to make trade deals in the national interest but it “never negotiates trade deals with a deadline”.

The US is seeking broader market access for its agricultural and dairy products, which is a major hurdle, as for India, this is a livelihood issue for the country’s small farmers, and hence, is considered a sensitive area.

While India is looking to secure an exemption from President Trump’s 26 per cent tariffs by concluding an interim deal before July 9, it is also pushing for significant tariff concessions for its labour-intensive exports such as textiles, leather and footwear.

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