Finance Minister Nirmala Sitharaman on Wednesday said GST collection breached the Rs 2 lakh crore milestone on the back of strong economic momentum and efficient tax realisation. In a post on X (formerly Twitter), the minister also lauded the efforts of the central and state officers of the revenue department and the Central Board of Indirect Taxes & Customs (CBIC) for their "sincere and collaborative efforts" in achieving this landmark. "GST collection crosses Rs 2 lakh crore benchmark, thanks to the strong momentum in the economy and efficient tax collections," she said. Goods and Services Tax collection grew 12.4 per cent to a record high of Rs 2.10 lakh crore in April, driven by increased domestic transactions and imports. The collection was Rs 1.87 lakh crore in April 2023. Out of the IGST collection, Rs 50,307 crore was settled towards CGST and Rs 41,600 crore towards SGST. This translates to a total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST in April ..

Former RBI Governor Duvvuri Subbarao has opined that only enlightened leadership at Centre and state levels can resolve the complex north-south divide in deciding on the distribution of the tax pool among states, saying it is beyond the remit of the Finance Commission. Subbarao, who held various positions including the finance secretary of Andhra Pradesh and Union finance secretary, and wrote extensively on issues in fiscal federalism in his new book titled 'Just A Mercenary?: Notes from My Life and Career' further said that horizontal sharing of the divisible pool of taxes has always been a contentious issue but will be even more so in this round. "This (north-south divide in deciding on the distribution of the tax pool among states) is a complex political challenge beyond the remit of the Finance Commission. "Resolving it will demand enlightened leadership at central and state levels that can look beyond politics and build a consensus around an optimal way forward," he told PTI.

Driven by domestic transactions and imports, the gross goods and services tax (GST) collections for April 2024 saw a 12.4 per cent year-on-year growth

A 19 kg cylinder will now costs Rs 1,745.50 in Delhi as against Rs 1,764.50 as of last month

Prime Minister Narendra Modi - who is seeking a third term in elections that run until June 1 - has been campaigning on making India a developed nation by 2047

(Reuters) - India has cut its windfall tax on petroleum crude to 8,400 Indian rupees ($100.66) a metric ton from 9,600 rupees with effect from May 1, the government said on Tuesday

Returning entrepreneurs hamstrung by inadequate policy measures

The fourth quarter GDP figure was also revised down to a negative 0.1% from a previous 0.0%, meaning that the euro zone was in a technical recession in the second half of 2023

Agrochemicals margins could normalise from the second quarter due to destocking of high-cost inventories

When you re-import the goods under notification 45/2017-Cus dated June 30. 2017, you have to pay the GST, DBK and RoDTEP amounts at the time of clearance

The French banking group said the turnaround in the investment cycle that started from 2018-19 has further gained pace over the last two years after a Covid-led disruption in 2020 and 2021

Saha indicated that the RTM should be amenable to take on other categories

The court said that the item is covered by the category-mangoes other than sliced and dried

In March 2023, the core sector had recorded a growth of 4.2 per cent

Oil imports from Iraq declined by 20-23%, the data showed

Institute could not submit documents to govt due to 'minor technical issues', say sources

Infrastructure output, which accounts for 40% of industrial production, measures activity in eight sectors, including refinery products and electricity

Until recently, Indian insurers hesitated to offer new health insurance products, resulting in its low uptake. Recent Irdai relaxation targets this laggard retail business

Finance Minister Nirmala Sitharaman, in the interim budget, proposed to raise the capital expenditure target by 16.9 per cent to a record Rs 11.11 trillion for FY24-25

The Indian economy could grow more than 7 per cent during the current fiscal amid a benign global outlook and expected above-normal monsoon, economic think tank NCAER has said. In its April 2024 issue of Monthly Economic Review (MER), NCAER said a range of high-frequency indicators reveal the resilience of the domestic economy with the Purchasing Managers' Index (PMI) for manufacturing at a 16-year high and UPI, the leading digital payments system, touching the highest volume since its inception in 2016. "Projected acceleration in both global growth and trade volumes, as well as a forecast of an above-normal monsoon, indicate that the Indian economy can again attain growth rates higher than 7 per cent during the current fiscal year," said NCAER Director General Poonam Gupta. According to NCAER, Goods and Services Tax (GST) collections reached Rs 1.8 lakh crore in March, the second best since its rollout in 2017, while UPI recorded 13.4 billion transactions (in volume) in March 2024,