Ministry of Finance The release of quick estimates of Index of Industrial Production (IIP) for the month of September, 2021 shows a sustained increase in industrial production. The IIP, in FY 2021-22, has grown from an average of 121.3 in Q1 to 130.2 in Q2. The IIP in Q2 would have been still higher but for heavy monsoons disrupting…
GST Revenue collection for September 2021
Ministry of Finance The gross GST revenue collected in the month of September 2021 is ₹ 1,17,010 crore of which CGST is ₹ 20,578 crore, SGST is ₹ 26,767 crore, IGST is ₹ 60,911 crore (including ₹ 29,555 crore collected on import of goods) and Cess is ₹ 8,754 crore (including ₹ 623 crore collected on import of goods). The government…
Government’s Borrowing Plan for Second Half (H2) of FY 2021-22
Ministry of Finance The Government of India, in consultation with the Reserve Bank of India, has finalised its borrowing programme for the second half (H2) of FY 2021-22. Out of gross market borrowing of ₹12.05 lakh crore projected for FY 2021-22 in the Union Budget, ₹7.24 lakh crore (60 %) was planned to be borrowed…
Recommendations of 45th GST Council Meeting
Ministry of Finance Recommendations of 45th GST Council Meeting Several people centric decisions taken by GST Council Life-saving drugs Zolgensma and Viltepso used in treatment of Spinal-Muscular Atrophy exempted from GST when imported for personal use Extension of existing concessional GST rates on certain COVID-19 treatment drugs upto 31st December 2021 GST rates on 7 other…
GST Revenue collection for February 2021
Ministry of Finance The gross GST revenue collected in the month of February 2021 is ₹ 1,13,143 crore of which CGST is ₹ 21,092 crore, SGST is ₹ 27,273 crore, IGST is ₹ 55,253 crore (including ₹ 24,382 crore collected on import of goods) and Cess is ₹ 9,525 crore (including ₹ 660 crore collected on import of goods). The government has settled…
Government of India, FICCI, and UN-based Better Than Cash Alliance come together for responsible merchant digitization in the North East, Himalayan Regions and Aspirational Districts
Ministry of Finance The Government of India, Federation of Indian Chambers of Commerce and Industry (FICCI), and UN-based Better Than Cash Alliance today hosted Merchant Digitization Summit 2021: Towards AatmaNirbhar (Self Reliance) Bharat with special focus on Himalayan Regions, North East Regions and Aspirational Districts of India. The Summit brought together leaders from the public and private…
Due date for furnishing of GSTR-9 and GSTR-9C for the financial year 2019-20 extended
Ministry of Finance It may be noted that the due date for furnishing of the Annual returns (GSTR-9 and GSTR-9C) specified under section 44 of the CGST Act read with rule 80 of the CGST rules for the financial year 2019-20 was earlier extended from 31.12.2020 to 28.02.2021 vide Notification No. 95/2020- Central Tax dated…
Steps taken by Government to ameliorate impact of COVID-19 pandemic on Indian economy
Ministry of Finance As per the Estimates of Gross Domestic Product (GDP) for the First Quarter (Q1) of 2020-21 released by the National Statistical Office (NSO), Ministry of Statistics & Program Implementation (MoSPI), the real GDP in India contracted by 23.9 per cent during the first quarter of 2020-21 (as against 5.2 per cent growth…
Summary of the Budget 2021-22
Ministry of Finance PART-A The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman presented the Union Budget 2021-22 in Parliament today, which is the first budget of this new decade and also a digital one in the backdrop of unprecedented COVID-19 crisis. Laying a vision for AatmaNirbhar Bharat, she said this is an…
GST Revenue collection for December 2020 recorded all time high since implementation of GST
Ministry of Finance The gross GST revenue collected in the month of December 2020 is ₹ 1,15,174 crore of which CGST is ₹ 21,365 crore, SGST is ₹ 27,804 crore, IGST is ₹ 57,426 crore (including ₹ 27,050 crore collected on import of goods) and Cess is ₹ 8,579 crore (including ₹ 971 crore collected on import of goods). The total…