GST 2.0: Is this the right time? And what kind of reforms do we need?

GST 2.0: Is this the right time? And what kind of reforms do we need?

The tumultuous years of implementing goods and services tax (GST) in India seem to be over. This indirect and transaction based tax, implemented nationwide in July 2017, has settled in. Most of the teething issues, such as glitches in ‘invoice matching’ and delays in refund, which dragged on for years, have largely been dealt with. … Read more

Centre sure of meeting fiscal deficit target

Centre sure of meeting fiscal deficit target

New Delhi: The Centre expects to meet or even do better than the budgeted FY23 fiscal deficit target, pegged at 6.4% of GDP, on the back of buoyant revenues, officials said. Several ministries may not be able to utilise their full allocation for the year, providing a cushion to the finance ministry to meet the … Read more

E-way bill generation slackens in November post festive season spur

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The pace of e-way bill generation slackened in the first half of November against the previous month, signalling a possible slowdown in demand and likely pointing to the fragility of a sharp recovery seen in the festive season. About 24.1 million e-way bills were generated in the first half, with the daily average at 1.72 … Read more

How strong is the economic recovery? Economists go the extra mile to find out

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Economists are tracking proxy economic indicators such as footwear sales, city billboard usage, product and services advertisements, travel-related searches, fish, meat and poultry purchases, and demand for smartphones to gauge the strength of the post-pandemic recovery. A string of high-frequency alternative indicators, along with government-issued data sets such as goods and services tax (GST) collection, … Read more

Govt collects Rs 95,480 crore GST in September, highest since lockdown began in March

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Goods and Services Tax (GST) collections for September stood at Rs 95,480 crore, the highest on a monthly basis since the lockdown began in March this year. Collections for September were 10.4% higher than August and 4% higher than last year same month, the finance ministry said in a statement Thursday. “With a significant part … Read more

GST mop-up in July at Rs 87,422 crore, slips from June collections

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The government collected goods and services tax (GST) of Rs 87,422 crore for July, lower than that collected in June, indicating a stability in collections, analysts said. “During the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to COVID-19,” … Read more