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Monday,28-September-2020

Business

March GST revenue highest at Rs 1.06 lakh cr

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The Goods and Services Tax (GST) collection for March rose 15 per cent year-on-year to Rs 1.06 lakh crore.

The collection of Rs 1,06,577 crore for March though was the highest-ever monthly collection since the introduction of GST, the Finance Ministry said in a statement.

Revenue in March grew 15.6 per cent over Rs 92,167 crore GST collection in the same month of previous year.

Out of the March collection figures, the CGST component is Rs 20,353 crore, SGST Rs 27,520 crore, IGST Rs 50,418 crore (including Rs 23,521 crore collected on imports) and cess is Rs 8,286 crore (including Rs 891 crore collected on imports).

The total number of GSTR 3B Returns filed for the month of February up to March 31, is 75.95 lakh.

Revenue for the last quarter in 2018-19 is 14.3 per cent higher than same period a year ago. Total revenue earned by the central government and the state governments after regular and provisional settlement in the month of March, 2019, is Rs 47,614 crore for CGST and Rs 51,209 crore for the SGST.

Monthly average of GST revenue during 2018-19 is Rs 98,114 crore, which is 9.2 per cent higher than FY 2017-18.

Abhishek Jain, Tax Partner, EY says:”The steep increase in GST collections is quite a welcome outcome for the economy. Some major reasons for the growth could be reconciliation by businesses of outward and inward supplies, intelligent data analytics; related tax leakage detections and consequent GST payment by businesses.”

These figures hint towards stabilisation of revenue growth under GST which has been moving up in recent months, despite various rate rationalisation measures.

Business

RBI MPC reschedules policy review meet

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Reserve Bank Of India

The Reserve Bank’s Monetary Policy Committee (MPC) meet for the penultimate policy review for 2020 has been rescheduled.

Earlier, the MPC was supposed to have met from Sep 29 to Oct 1.

“The meeting of the Monetary Policy Committee (MPC) during September 29, 30 and October 1, 2020… is being rescheduled,” the Reserve Bank said in a statement on Monday.

“The dates of the MPC’s meeting will be announced shortly.”

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Business

SBI waives processing fee on select retail loans

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State-Bank-of-India

To enlarge retail loans and online business, lending major SBI on Monday announced a 100 per cent waiver in the processing fee f or “Car, Gold, and Personal loans” availed through its integrated digital banking platform – YONO.

“The bank is offering the lowest interest rate starting from 7.5 per cent to customers opting for the car loan. They will also get 100 per cent o n-road finance on select models,” the lending major said in a statement.

“To enhance the availability and affordability of credit to individuals in the times of the current crisis, the bank is offering personal loans with lending rates as low as 9.6 per cent.”

According to the lending major, digital banking has increasingly gained momentum especially in the current scenario.

Besides, the bank gave a complete waiver on processing fees on home loans in approved projects.

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Business

Housing sales up 34% in July-September: JLL report

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India’s residential market got back to action as the lockdown restrictions eased in the third quarter of 2020. Housing sales, during the July-September quarter, jumped up 34 per cent compared to the April-June quarter, which was largely impacted by the nationwide lockdown, showed a report by JLL Research.

A total of 14,415 units were sold during the quarter ended September, as against 10,753 units sold during the previous quarter.

The report showed that Mumbai accounted for 29 per cent of the total sales during the period under review, while 22 per cent of sales was contributed by Delhi-NCR.

Growth in sales activity was also driven by stronger demand in Chennai, Hyderabad and Pune.

Ramesh Nair, CEO and Country Head, India, JLL, said: “We are feeling cautiously optimistic about the residential market, driven by sales volumes in Mumbai and Delhi. A combination of favourable factors such as low mortgage rates, attractive prices combined with developers’ lucrative payment plans together reinforce the longer-term potential of the sector. For end users, the next 12 months are ideal to buy a house.”

“In the subsequent quarters, the translation of demand into sales will primarily hinge on enhanced consumer confidence, which, in turn, depends upon the continued implementation of progressive government policies amidst the gradual revival of the Indian economy at large,” he added.

Residential market activity is also being supported by renewed interest from NRIs in Q3 2020, resulting in more pent up demand in the market and increased enquiries received by developers, the report said.

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