GST collection rose 11 per cent to over Rs 1.65 lakh crore in July as a result of anti-evasion measures and higher consumer spending. This is the fifth time since the rollout of the Goods and Services Tax (GST) regime that monthly collections have crossed the Rs 1.60 lakh crore mark -- making it the new normal. "Gross GST revenue collected in July is Rs 1,65,105 crore of which CGST is Rs 29,773 crore, SGST is Rs 37,623 crore, IGST is Rs 85,930 crore (including Rs 41,239 crore collected on import of goods) and cess is Rs 11,779 crore (including Rs 840 crore collected on import of goods)," the finance ministry said in a statement.
The GST revenues for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion, Revenue secretary Sanjay Malhotra said on Friday. The collection from Goods and Services Tax (GST) was Rs 1,43,612 crore in August 2022. "Roughly numbers are in the range of 11 per cent year on year growth as in earlier months," Malhotra told reporters.
Even as the returns of mutual fund (MF) schemes have improved considerably in the past three months, addition of new investors has remained in the slow lane for the MF industry. According to industry data, during the first six months of CY 2023, MFs onboarded only 1.6 million new unique investors, in stark contrast to the 4.7 million investors added during the same period last CY and the 2.4 million in 2021. It is noteworthy, however, that the current additions for this year have doubled in comparison to the figure of 800,000 seen in 2020.
Mutual funds focused on small-caps have emerged as the winner with a net inflow of close to Rs 11,000 crore in April-June quarter, as fund managers struggle to create alpha in the large-cap space, and the trend is expected to continue for some time. On the other hand, large-cap space, which is yet to pick up momentum, witnessed an outflow of Rs 3,360 crore during the quarter under review, data from the Association of Mutual Funds in India (Amfi) showed. Apart from the June quarter, small-cap funds logged an inflow of Rs 6,932 crore in three months that ended in March.
Inflow in equity mutual funds halved to Rs 3,240 crore in May, declining for the second consecutive month, primarily due to profit booking by investors amid rising market. However, this was also the 27th consecutive month of inflow in the equity class, which was primarily driven by fund infusion in small-cap and mid-cap categories, data released by the Association of Mutual Funds in India (Amfi) showed on Friday. Overall, the 42-player mutual fund industry continues to see inflow and attracted Rs 57,420 crore, on contributions from debt-oriented schemes.
Maruti Suzuki India (MSI) and Hyundai posted single-digit growth in domestic sales in June, even as the overall passenger vehicle segment crossed the 20 lakh units sales mark for the first time-ever in the first half this year. Toyota Kirloskar Motor reported a double-digit growth in dispatches to dealers, while Kia saw a dip in wholesales last month. MG Motor India also reported a double-digit increase in retail sales in June 2023 compared to the same month last year.
The tit for tat actions came a day after Ajit Pawar joined the Eknath Shinde-BJP government as deputy chief minister along with eight other NCP MLAs who were inducted as ministers.
Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. To apprehend black sheep, who operate as syndicates and create fake entities on the basis of forged documents to claim input tax credit (ITC), tax officers have started using data analytics, artifical intelligence and machine learning aiming to curb evasion, which was over Rs 3 lakh crore since inception of GST. It was over Rs 1 lakh crore in 2022-23. Thinktank Global Trade Research Initiative (GTRI) said the most critical pending GST reform is upgradation of GST Network to prevent fake supplies and fraudulent claims of Input Tax Credit (ITC).
The agitational programmes include the 'Loktantra Bachao Mashal Shanti March' starting from Red Fort on Tuesday and a series of press conferences in 35 major cities across the country on March 28 and 29.
Only five of India's top 20 car models have seen a reduction in wait times over the past year.
Leading automakers Maruti Suzuki India, Hyundai and Tata Motors reported a double-digit increase in dispatches to dealers in April as the demand remained robust especially for the sports utility vehicles. The country's largest car maker Maruti Suzuki India (MSI) said its domestic passenger vehicle wholesales rose 13 per cent to 137,320 units last month as against 121,995 units in April 2022. Sales of mini cars, comprising Alto and S-Presso, fell 18 per cent to 14,110 units as compared with 17,137 units a year ago.
Driven by strong demand, the overall passenger vehicle dispatches crossed 3.35 lakh units in February as automakers, including Maruti Suzuki India, Hyundai, Tata Motors and Mahindra & Mahindra, reported robust sales during the month. The dispatches of more than 3.35 lakh units last month marked an 11 per cent over February 2022. It was also the highest ever overall wholesales in the month of February. The country's largest carmaker Maruti Suzuki India on Wednesday said its domestic wholesales rose 11 per cent to 155,114 units in February as compared with 140,035 units in the same month last year.
The complaint was filed for various offences punishable under sections 420 (cheating), 468 and 469 (forgery), 471 (fraud), 500 (defamation) r/w 120B (criminal conspiracy) and 34 (criminal act) of the Indian Penal Code.
Cheteshwar Pujara and Ajinkya Rahane's position in group A of the BCCI central contracts could be up for deliberation
'There is a plan to add a '19 plus' level where all these boys could be integrated'
The development was confirmed by a source close to the team, which is training at the Indira Gandhi Indoor Stadium.
Images from Day 5 of the first Test between India and New Zealand, at Green Park in Kanpur, on Monday.
The Indian women's boxing team won one gold, three silver and six bronze medals at the Asian Championship in Dubai, ensuring that all 10 weight categories featured an Indian medallist.
As the nation heads into a crucial election, we ask you, dear Rediff.com readers, what you think of the government's performance so far, and if it will be re-elected for another term.
Misbah said with time he understood that it would be possible to give his best only to one role.
It does not stop here, though. According to field information, state ministers, AIADMK candidates and campaigners are asking BJP cadres accompanying them not to carry party flags at common rallies and also avoid their saffron shawl on those occasions. BJP cadres are also asked to stay out of the common campaign when it enters a minority-dominated areas, especially of Muslims, and re-join later, says N Sathiya Moorthy.
Gopichand also wondered to why the legendary Padukone, India's first badminton superstar 'never had anything positive to say about him'.
A livid Kapil Dev said he will not go to Mumbai and called the conflict of interest allegations against him and the CAC 'a publicity stunt'. In the complaint filed by Madhya Pradesh Cricket Association (MPCA) life member Sanjeev Gupta, it has been claimed that Kapil and Anshuman Gaekwad don multiple cricketing roles.
BMA's clients allege that depository firm CDSL and stock exchanges did not act on their complaints, prompting them to protest before Sebi. They say their shares have been transferred to a pool account without their knowledge and have been used to avail loans. Clients alleged that BMA has pledged their securities with a leading private bank, who could have sold their holdings.
Include nutritious food in your diet. Avoid alcohol. Take your last meal at least 3 hours before bedtime.
What seems to have changed over the last two-three years is that earlier the CCI considered online as another channel for retail sales, while it now seems dividing the retail market into two -- online and offline, and looking at them separately, say competition law experts.
'And Sir, you are at fault if they don't like you. 'You don't boast of your government's efforts to be the first one to bring in thousands of Indians back home without thinking for a second about their race, religion, language, orientation, or even citizenship,' says Sarang, a reader of Rediff.com.
According to a new report from the Office of United Nations High Commissioner for Refugees, an estimated 2,275 individuals drowned or went missing in the Mediterranean in 2018.
Tax-saving equity-linked savings schemes saw month-on-month rise in inflows at Rs 1,166 crores.
The order was passed with dissent by two members, and four members feeling that there had been abuse of the search engine's dominant position.
Dealmakers and advisors feel investors are shifting their focus to Asia Pacific, especially India, owing to geopolitical instability driven by events such as Brexit and protectionist trade wars.
Former Australia fast bowler and current Yorkshire coach Jason Gillespie is expected to hold talks with the England and Wales Cricket Board's Director for Cricket Andrew Strauss in the next 24 hours on the possibility of him accepting or not accepting the vacant position of the national head coach.
Abhijnan Chakraborty tells us how he topped the ISC Class 12 examination.
Summary of sports events and persons who made news on Saturday
The Bharatiya Janata Party's (BJP) 'vision document' for the coming Lok Sabha polls is to say a BJP-led government at the Centre will offer airports at sea, private investment in railways and an end to non-access to electricity.
Looking beyond the lesser penalty regime, in its 10th year of existence, the CCI needs more branches, according to experts
The passionate superstar turned biker recently added this magnificent cruiser to his glorious collection.
The face of MNC drug firms in India and champion of IPR protection, he oversaw the Swiss giant's India expansion, its forays into new therapies and setting up of its global service centre in Hyderabad
Indian U-17 team's performance was more of hype than actual achievement on the field.
Hockey fraternity including three former captains on Friday expressed shock over the decision to appoint women's team coach Sjoerd Marijne as head coach of the Indian men's side, saying the abrupt move 'defies logic'.
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