GST collections see 8.9 pc YoY growth at Rs 1.87 lakh crore in October
It is the eighth consecutive month when GST collections stayed above the Rs 1.7 lakh crore mark.
It is the eighth consecutive month when GST collections stayed above the Rs 1.7 lakh crore mark.
The officials from the Kerala Goods and Services Tax (GST) department have seized 104 kg of unaccounted gold valued at around Rs 75 crore in massive raids across gold jewellery-manufacturing units, wholesale outlets and residences in Thrissur district. The raids began on Wednesday and concluded on this morning.
Chief minister Mamata Banerjee today welcomed Centre’s decision to withdraw GST on Life and health insurance, announced today.
The cross-country comparative data on sugar-sweetened beverages (SSB) taxes collated by the World Bank shows that India has one of the highest tax rates for carbonated soft drinks (CSDs) at a total tax rate of 40 per cent as of 2023.
While highlighting that the reliance on personal funds for business operations increases with age, the survey said among self-employed women, 52% of those over 45 years old use their own savings, compared to only 36% of those aged 25-35 years.
“We are now facing the worst situation with not only inflation on one side or stagnation on the other but both of them together. We have a sort of “stagflation” situation wherein the inflation rate is high, unemployment is the highest in 45 years and GDP is very low,” Mr Mitra said.
“Real GDP or GDP at Constant Prices (2011-12) in the year 2019-20 is likely to attain a level of Rs 147.79 lakh crore, as against the Provisional Estimate of GDP for the year 2018-19 of Rs140.78 lakh crore, released on 31 May, 2019,” an official communique said.
In November, the gross GST collection stood at Rs 1,03,492 crore.
The present trend of increasing tax revenues to fund money-guzzling social sector schemes (Rs 12 lakh crore in the last budget) must also stop. Instead of a policy of maximising tax collection, we should go in for a rational and comprehensive taxation policy designed to prevent concentration of wealth and straightening out the glaring inequalities in our society, which would entail reducing GST and bringing back taxes on wealth, inheritance and gifts.
The Union Budget is an important document. An analysis of the budget statement is equally important. The main objectives of analyses and interpretation of the budget are to depict a true and fair picture of the country’s economic status. The other objective is to help discern the intention of the government in terms of economic development, inclusive growth and removing regional disparities.
