Connect with us
Thursday,29-July-2021

Business

GST recovery, petro taxes help Centre improve tax collections

Published

on

gst

Good news is flowing for the government on the tax front with net indirect tax collections (GST & non-GST) registering a 12.3 per cent increase in FY21 largely on account of increased excise collections from petroleum products and improved GST inflows.

As per provisional figures, net indirect tax collections for FY21 stood at Rs 10.71 lakh crore as compared to Rs 9.54 lakh crore for previous fiscal (FY20). Net Indirect Tax Collection for the last year shows that 108.2 per cent of the Revised Estimates (RE) of indirect taxes for FY21 has been achieved.

The improved performance of indirect tax collections weighs heavily on central excise collections. Net Tax collections on account of Central Excise and Service Tax (Arrears) during Financial Year 2020-21 stood at Rs 3.91 lakh crore as compared to Rs 2.45 lakh crore in the previous Financial Year, thereby registering a growth of more than 59 per cent. Excise collections had been higher and government substantially increased excise duty on petrol and diesel last year in May to mobilise resources for Covid relief and economic stimulus measures.

The customs collections also saw an increase last year with net tax collections standing at Rs 1.32 lakh crore as compared to Rs 1.09 lakh crore during the previous Financial Year, thereby registering a growth of around 21 per cent.

Net Tax collections on account of GST of Centre (CGST+IGST+ Compensation Cess) during Financial Year 2020-21 stood at Rs 5.48 lakh crore as compared to Rs 5.99 lakh crore in the previous Financial Year. Revised estimates of Net GST collection including CGST and Compensation Cess for FY 2020-21 was Rs 5.15 Lakh Crore. Thus, the actual net GST collections is 106 per cent of the total targeted collection, though these are 8 per cent lower than the last FYs collection.

The GST collections were severely affected in the first half of the Financial year on account of Covid. However, in the second half, the GST collections registered a good growth and collections exceeded Rs 1 lakh crore in each of the last six months. March saw an all-time high of GST collection at Rs 1.24 lakh crore after very good figures in the month of January and February.

The indirect tax numbers are provisional and subject to change pending reconciliation.

Business

PUBG developer Krafton to raise $3.7 bn via IPO next month

Published

on

By

PUBG

Krafton, the video game developer behind global hit PlayerUnknown’s Battlegrounds (PUBG), will raise 4.3 trillion won ($3.7 billion) in its initial public offering (IPO), the company said in a regulatory filing on Thursday.

Krafton said it priced its shares at 498,000 won each at the upper end of the range announced earlier this month.

The listing, scheduled for August 10, is expected to be one of the largest ever on the local bourse. Samsung Life Insurance holds the record for its 4.89 trillion won IPO in 2010, reports Yonhap news agency.

While Krafton had initially sought to raise up to a record 5.6 trillion won, it lowered its pricing band after financial authorities requested revisions to its plan amid controversy of overvaluation.

Krafton has downplayed overvaluation concerns, with the company saying in an online press conference that it is among a few players in the local tech and entertainment industry to hold a significant presence in the global market.

The video game maker has sold over 75 million copies of PUBG for PCs and consoles globally since its launch in 2017.

The mobile version of the battle royale shooter, in which players fight each other until the last survivor, has reached 1 billion downloads globally, excluding China.

Krafton is eyeing active mergers and acquisitions after going public, with plans to spend 70 percent of the funds secured from the IPO in acquiring promising game developers.

The company is looking to expand its video game portfolio with the launch of new in-house mobile game “PUBG: New State” as early as September this year and horror game “Callisto Protocol” next year.

The company is also expanding big in the Indian market.

Developed by Krafton for the Indian audience, the Battlegrounds Mobile India game surpassed 34 million registered users within a week after its release.

Online storytelling platform Pratilipi announced on July 14 that it has raised $48 million in a funding round led by South Korean gaming company Krafton.

The next day, Krafton announced its first esports tournament — Battlegrounds Mobile India Series 2021 — that was kicked off from July 19 with a prize pool of Rs 1 crore.

Continue Reading

Bollywood

‘Toofan’ leads the race as Amazon Prime’s most watched Hindi film in 2021

Published

on

By

toofan

In a rare instance, OTT giant Amazon Prime Video has released data, revealing its highest streaming projects within their launch-weeks so far in this year. Actor Farhan Akhtar’s ‘Toofan’ is on top position as the most watched video within first week of its release globally.

According to the data released by the OTT platform, the Rakeysh Omprakash Mehra directorial was watched by more customers on Prime Video India than any other Hindi film in its opening week. The film was viewed in over 3,900+ towns and cities in India and in 160+ countries and territories across the globe.

Besides this, in the local languages catagory, films ‘Narappa’ (Telugu), ‘Sarpatta Parambarai’ (Tamil) and ‘Malik’ (Malayalam), were each watched in over 3,200+ towns and cities in India and in over 150+ countries and territories globally.

In the catagory of web shows, Adarsh Gourav’s ‘Hostel Daze (S2)’ emerged as one of the most loved shows amongst young adults within just a week of its launch, with viewership from 3,600+ towns and cities in India and from over 100+ countries and territories around the world.

The data comes to light as Amazon marked July 26 and July 27 as Prime Days. Prime Day 2021 marked the most Small Medium Businesses (SMBs) selling on Amazon.in ever, as they saw an overwhelming response from Prime members.

Continue Reading

Business

Pandemic pushes digital payments, RBI index up 30%

Published

on

By

Online-payment

The Covid-19 pandemic and restrictions associated with it has pushed up digital transactions in the country.

An indicator to faster adoption of online payment medium is the Reserve Bank of India’s Digital Payment Index. After moving at moderate pace over the years, the index has jumped sharply 30 per cent between March 2020 and March 2021.

The pandemic is one of the reason while people are increasingly preferring digital payment mechanism over physical mode. But improvement in the digital payment infrastructure has also pushed up this adoption.

The RBI had earlier announced construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country.

The index for March 2021 stands at 270.59 as against 207.84 for March 2020, announced while launching the index on January 1, 2021.

The RBI-DPI index has demonstrated significant growth in the index representing the rapid adoption and deepening of digital payments across the country in recent years, the apex bank said in a statement.

Starting from March 2018, the index stood at 153.47 in March 2019, 173.49 in September 2019. This improved to 207.84 in March 2020, 217.74 in September 2020 and further increased to 270.59 in March 2021.

Continue Reading
Advertisement
Advertisement

Trending