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Friday,26-February-2021

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.

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Most Indian firms still short on displaying ‘digital empathy’

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As more and more Indians adopt digital way of life most organisations are still a long way from authentically displaying “digital empathy” and deliver better customer experiences, a new report has stressed.

Just over a third (37 per cent) of Indian executives have significant insights into customer mindset.

“Drivers of purchase, friction points and attribution of how marketing actions relate to customer behaviour fare only marginally better,” according to Adobe’s ‘2021 Digital Trends Report’.

Interestingly, Indian executives are most likely to agree to having significant insight into drivers of loyalty (46 per cent), journeys of new customers (44 per cent) and attribution of how marketing actions relate to customer behaviour (40 per cent).

“Truly committing to customer experience as a growth lever will mean going beyond response and conversion rates, and instead digging into the motivations, frustrations and thinking of customers throughout the customer journey”, said Nitin Singhal, Head, Digital Experience Business, Adobe India.

Even as things start to normalise in 2021, there is a continual need for organisations to move away from siloed work cultures and tide over the market pressures through rapid innovation and product pivots.

According to the research, executives in India (34 per cent) reported their organisations as dynamic, collaborative and flexible amid the market changes, where they work environments were restricted by traditional hierarchies.

Nearly 71 per cent of executives surveyed in India agreed to their customers benefiting from great digital experiences.

“There’s no doubt that business agility and digital maturity will continue to be a differentiator for businesses, even as we move towards a post-Covid economy,” Singhal said.

The research also found that 26 per cent of those surveyed in India are using a cloud-based platform along with other marketing data management systems, confirming a hybrid approach being adopted by many organisations.

“With accelerated digital adoption brought on by the pandemic, new technologies and effective data management tools are necessary for delivering enhanced customer experiences,” said Dharmarajan K, Chief Product and Customer Experience Officer, Tata CLiQ.

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After petrol and diesel, consumers face cooking gas price rise

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Government seems to be in no mood to subsidise the price of common mans cooking gas which like the price of auto fuels petrol and diesel has maintained consistent increase for past few months.

The price of domestic 14.2-kg LPG cylinder was increased by Rs 25 on Thursday, the third increase in the month of February itself, taking its price Rs 794 a cylinder in Delhi.

While the practice of weekly or fortnightly price revision of cooking gas is normally done for non-subsidised cylinders, this year oil companies shave maintained almost equal increase in price of subsidised LPG cylinders as well.

This has equated its price with market prices cooking gas and thus helping the government to completely eliminate direct benefit transfer (DBT) benefits extended to cooking gas consumers.

“There may just be some element of subsidy that still may be involved in cooking gas if it is getting transported to far off distances from bottling plants. Otherwise, subsidised and non-subsidised cooking gas prices have almost remained same during entire FY21,” said an official of a public sector oil marketing company not willing to be named.

While consumers focus has remained on petrol and field prices, the cooking gas price has gone almost unnoticed. It had risen sharply by over Rs 100 a cylinder in the month of February itself from a level of Rs 694 to Rs 794 a cylinder now.

This month cooking gas prices increased on February 4 by Rs 25 (costed: Rs 719) and February 14 by Rs 50 (costed: Rs 769) and now again on February 25 by Rs 25 to Rs 794 a cylinder.

With government not supporting even cooking gas consumers in the time of rising prices, consumers are bearing the brunt of increase in both their transportation and cooking expenses during the difficult period of pandemic.

There are around 30 crore LPG connections in the country and the the levelling of non-subsidised and subsidized LPG cylinder means that the government substantially reduces DBT payments in FY22 as well.

If oil and products prices remain range bound even next year, by the end of the year even LPG subsidy would be completely eliminated, oil sector experts said.

Government’s DBT burden even from middle of current fiscal has reduced to nil due to softer LPG prices. The only money that the government would need in FY 22 is towards providing free cooking gas connection to 1 crore additional beneficiaries under the Ujjwala scheme.

As per provision made in this year’s budget, DBT transfer towards LPG subsidy has been brought down to Rs 12,480 crore in FY22 from a level of Rs 25,520.79 crore in the revised estimates for FY21.

The budget estimate for LPG subsidy this year (FY21) was even higher at Rs 35,605 crore but subdued global prices helped government to save on LPG subsidy prices that got used for providing three free cylinders to Ujjawala consumers for the lockdown period.

Government provides 12 subsidised LPG cylinder to a household in a year.

While the household buys LPG cylinders at market price, the gap between subsidised and non subsided cylinders is transferred to consumers bank accounts under the DBT scheme.

This transfer has remained suspended during most parts of FY21 as oil companies have raised price of even subsidised cylinders to market levels.

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India tablet market records 14.7% growth in 2020, Lenovo leads

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India tablet market recorded 14.7 per cent (YoY) growth with 2.8 million unit shipment in 2020, with Lenovo maintaining its lead with 6.6% growth in its shipments over 2019, an IDC report said on Friday.

Samsung was the top gainer as their strong control on component supplies helped them gain a 13-percentage point jump in their market share.

Also, it managed to remain at the top spot in the consumer segment with shipments growing 157 per cent over 2019, according to the IDC’s ‘Worldwide Quarterly Personal Computing Device Tracker’.

Apple replaced iBall for the third position as it witnessed a 13 per cent (YoY) growth in its shipments.

Apple struggled with stock availability throughout the year. However, with their new launches, it was able to gain the crucial segment share in the second half of the year, the IDC report mentioned.

“Consumer shipments reported an exceptional 59.8 per cent growth over 2019. However, commercial shipments declined by 14.3 per cent (YoY) as few government projects were postponed to 2021,” the report added.

According to the report, the demand remains centralised to the budget segment with $100-$200 contributing to more than half of total tablet shipments in India.

Market above $300 also witnessed an impressive growth of 72.3 per cent YoY, supported by strong shipments of Galaxy Tab S6 Lite and iPad 10.2.

“Huawei ranked fifth for the full year of 2020 as shipments tripled from the previous year. The online traction with the suitable price points helped the vendor for impressive growth,” the report mentioned.

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