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Revenues from the Goods and Services Tax surpassed 1.05 lakh crore in October, up 10% from a year ago, and the highest recorded since February 2020.
The government cited the GST inflows that crossed the 1 lakh crore mark for the first time in this financial year as a clear sign of a recovery in the economy after its 23.9% contraction in the first quarter of this year. However, economists and businesses are cautious about the sustainability of this trend.
Tax experts said the expected shortfall in GST compensation for the States could be lower than the current estimate of 2.35 lakh crore if this revenue momentum is maintained through the rest of 2020-21.
As per data released by the Finance Ministry on Sunday, the gross GST revenue collected in October was 1,05,155 crore, 10.25% higher than a year ago, and 10.1% more than the indirect tax revenue garnered in September. The growth in GST revenue as compared to that in the months of July, August and September 2020, of -14%, -8% and 5% respectively, clearly shows the trajectory of recovery of the economy and, correspondingly, of the revenues, the Ministry said.
Terming the surge in the GST kitty in October 2020 as enthusing, principal economist at rating agency ICRA Aditi Nayar said this was in line with the expectation of a build-up of inventories in anticipation of a robust festive season. However, she added, We remain as yet unconvinced on the persistence of this trend after the festive season is over, after the pent-up demand is fulfilled.
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Register Online for Graduates MLC. Here is the link: https://ceotserms1.telangana.gov.in/MLC/form18.aspx Revenues from the Goods and Services Tax surpassed 1.05 lakh crore in October, up 10% from a year ago, and the highest recorded since February 2020. The government cited the GST inflows that crossed the 1 lakh crore mark for the first time in this financial year as a clear sign of a recovery in the economy after its 23.9% contraction in the first quarter of this year. However, economists and businesses are cautious about the sustainability of this trend. Tax experts said the expected shortfall in GST compensation for the States could be lower than the current estimate of 2.35 lakh crore if this revenue momentum is maintained through the rest of 2020-21. As per data released by the Finance Ministry on Sunday, the gross GST revenue collected in October was 1,05,155 crore, 10.25% higher than a year ago, and 10.1% more than the indirect tax revenue garnered in September. The growth in GST revenue as compared to that in the months of July, August and September 2020, of -14%, -8% and 5% respectively, clearly shows the trajectory of recovery of the economy and, correspondingly, of the revenues, the Ministry said. Terming the surge in the GST kitty in October 2020 as enthusing, principal economist at rating agency ICRA Aditi Nayar said this was in line with the expectation of a build-up of inventories in anticipation of a robust festive season. However, she added, We remain as yet unconvinced on the persistence of this trend after the festive season is over, after the pent-up demand is fulfilled.
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