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The Evening Wrap: April GST kitty goes past ₹1.67 lakh crore

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Sun, May 1, 2022 05:57 PM

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India’s gross Goods and Services Tax revenues hit a fresh high of ₹1,67,540 crore in April

India’s gross Goods and Services Tax (GST) revenues hit a fresh high of ₹1,67,540 crore in April, with revenues from goods imports rising 30% year-on-year and domestic transactions along with services imports rising 17%. Overall GST revenues were 20% higher than a year ago, and 17.9% higher than March 2022 collections of ₹1,42,095 crore. The Finance Ministry said that April’s revenues for transactions undertaken in March, reflect a ‘faster recovery’ of business activity, with 7.7 crore e-way bills generated in March, 13% higher than February 2022. “For the first time, gross GST collection has crossed Rs 1.5 lakh crore mark,” it said. “While the GST collections in respect of March have always been high, the record collections are on account of multiple favourable factors, including the recent changes on permitting input tax credits only upon timely compliance by the vendors,” said Deloitte India partner M.S. Mani. “Even though the spike in April’s GST collections partly benefits from year-end adjustments, the all-time high magnitude of inflows is very enthusing, and augurs well for a robust year on year growth in the months ahead as well,” said ICRA chief economist Aditi Nayar, adding there is evidence of a healthy pace of economic activity in March despite the escalating geopolitical conflict in Europe. Central GST revenues constituted ₹33,159 crore of April’s gross revenues from the tax, while State GST accounted for ₹41,793 crore and Integrated GST made up ₹81,939 crore, including ₹36,705 crore on import of goods. GST Compensation Cess collections, used to recompense States, grew 13.08% in April over March collections, to touch ₹10,649 crore. The cess collections included ₹857 crore collected on import of goods, marking a 8.9% decline from the ₹941 crore cess from import of goods in March. There were, however, wide variations in growth trends across States. While Tamil Nadu’s collections grew just 10% in April, Maharashtra saw collections rise by 25%, Odisha 28% Haryana 23% and Andhra Pradesh 22%. Karnataka and Rajasthan recorded a 19% uptick in GST collections, while the growth rate was 17% for Gujarat, and 16% for Telangana, Uttar Pradesh and Delhi. Six States and Union Territories reported a contraction in revenues from a year ago, including Bihar (-2%), Manipur (-33%), Mizoram (-19%) and Tripura (-3%). GST inflows from Lakshwadeep tanked 18% year-on-year, while those in Daman and Diu dropped a sharp 78%. Geopolitical situation changing fast, utmost priority is to ensure high standards of operational preparedness: Army Chief Stating that the geopolitical situation was fast changing and there were several challenges ahead, Army Chief Gen. Manoj Pande said on Sunday that his utmost priority would be to ensure very high standards of operational preparedness at all times while also taking forward modernisation with focus on indigenisation. “Utmost priority would be to ensure very high standards of operational preparedness to face current, contemporary and future challenges across the spectrum of conflict,” Gen Pande talking to journalists after reviewing a Guard of Honour on the lawns of South Block. Chiefs of other Services, Air Force Chief Air Chief Marshal V.R. Chaudhari and Navy chief Admiral R. Hari Kumar were also present. The three Chiefs are coursemates, from the 61st course of the National Defence Academy. When asked about the significance of the presence of other Chiefs, Gen. Pande said they grew up together in their formative years. “I have known the other two Service chiefs well. It’s a good beginning of synergy, cooperation and jointmanship among the three Services,” he said assuring that they would work together and take things forward in the cause of national security and defence. Gen. Pande assumed charge as the 29th Chief of the Army Staff on Friday. On force modernisation, he said that his efforts would be to leverage new technologies through indigenisation. “Effort will be to leverage new technologies and further Atmanirbharta.” India calls for cessation of hostilities in Ukraine, resolution via dialogue ahead of PM Modi’s Europe visit As Prime Minister Narendra Modi embarks on a tour of three European nations, India on May 1 once again called for the cessation of hostilities in Ukraine and resolution of the conflict through dialogue and diplomacy, noting that was an appreciation of its position on the crisis by its partner countries. At a media briefing, newly appointed Foreign Secretary Vinay Mohan Kwatra underlined the “context, clarity, importance and positive dimension” of India’s position on Ukraine and asserted that there should not be any doubt about it. On his first trip abroad this year, Mr. Modi will embark on a three-day visit to Germany, Denmark and France beginning Monday amid the ongoing crisis in Ukraine. “Our position on Ukraine has been clear. First, there should be a cessation of hostilities; second, a solution must be found out through dialogue and diplomacy,” he said, adding this view has been conveyed very clearly to various countries. The Foreign Secretary said the visit is focused on expanding India’s bilateral ties with the three European nations in a range of areas including trade and investment, clean energy, digital technology and defence, and added that the Ukraine issue will figure in the talks as part of discussions on regional and global developments. He said India’s international partners have an understanding of its standpoint on Ukraine and they even have a deep appreciation for it. Mr. Kwatra said discussions on energy security will be one of the key areas of discussion during the Prime Minister’s visit as it has assumed greater significance in the current circumstances. There has been a wider debate and discussion in Europe over ending dependence on its reliance on Russian energy in view of its attack on Ukraine. The Foreign Secretary talked about the “changing elements” of energy security, its impact on developing countries like India, the challenges in the sector and the mitigation of the challenges. “I am sure this would constitute one of the elements in the overall discussions. But naturally one single item would not define what the structure of the discussions would be,” he said. Mr. Kwatra said that Prime Minister Narendra Modi and German Chancellor Olaf Scholz will co-chair the 6th India-Germany Inter-Governmental Consultations [IGC] on Monday. It will be followed by a high-level roundtable where Mr. Modi and Mr. Scholz will interact with the top CEOs of both countries. The Prime Minister is also scheduled to interact with the Indian diaspora in Germany. From Germany, Mr. Modi will travel to Copenhagen at the invitation of the Danish Prime Minister Mette Frederiksen. He will also participate in the second India-Nordic summit being hosted by Denmark. Finance Minister Nirmala Sitharaman and a number of other senior Union ministers are expected to accompany Mr. Modi to Germany as the format of the IGC mandates direct talks between senior ministers from the two sides on cooperation in specific areas. Patiala clashes | Nine including key conspirator held The Punjab police on Sunday arrested nine persons, including the key conspirator Barjinder Singh Parwana, in connection with the ‘anti-Khalistan’ clash between different groups in Patiala. Inspector General of Police of the Patiala range, Mukhwinder Singh Chhina, said they had arrested Mr. Parwana from Mohali in Sahibzada Ajit Singh Nagar district. Five others had been arrested since Saturday night. “Till now, we have arrested nine persons in connection with Patiala violence,” the IG said. According to the police, Mr. Parwana was the main conspirator from the Sikh radicals’ group, who allegedly led a mob and incited violence in Patiala on Friday in which four persons, including two police personnel, were injured. Those arrested include Sikh radicals — Shiv Dev, Davinder Singh and Rajinder Singh, and Shiv Sena (Bal Thackeray) district president Shankar Bhardwaj and Ashwani Kumar Gaggi Pandit. Earlier the police had arrested Harish Singla of the Shiv Sena (Bal Thackeray), besides, Kuldeep Singh and Daljeet Singh in different cases related to the violence. Six FIRs were registered in connection with the Patiala violence. On Friday, a clash broke out between different groups amid a confrontation surrounding the holding of a foot march in the city against the backdrop of the announcement by the Sikhs for Justice (SFJ) to mark the foundation day of Khalistan on April 29. In Brief The tenures of three high profile offices — the Union Home Secretary; Director, Intelligence Bureau (IB); and Secretary, Research and Analysis Wing (R&AW) — are ending in the next few months, with suspense over whether the present incumbents will continue at the posts or new faces will replace them. Since Independence, none of these offices have been occupied by a woman. The general elections are due in first half of 2024. If new appointments to these posts are made next year, they will have a little over six months in their new offices till the model code of conduct kicks in and a new government is formed by May 2024. Evening Wrap will return tomorrow [logo] The Evening Wrap 01 MAY 2022 [The Hindu logo] Welcome to the Evening Wrap newsletter, your guide to the day’s biggest stories with concise analysis from The Hindu. [[Arrow]Open in browser]( [[Mail icon]More newsletters]( April GST kitty goes past ₹1.67 lakh crore [India’s gross Goods and Services Tax (GST) revenues hit a fresh high of ₹1,67,540 crore in April]( with revenues from goods imports rising 30% year-on-year and domestic transactions along with services imports rising 17%. Overall GST revenues were 20% higher than a year ago, and 17.9% higher than March 2022 collections of ₹1,42,095 crore. The Finance Ministry said that April’s revenues for transactions undertaken in March, reflect a ‘faster recovery’ of business activity, with 7.7 crore e-way bills generated in March, 13% higher than February 2022. “For the first time, gross GST collection has crossed Rs 1.5 lakh crore mark,” it said.  “While the GST collections in respect of March have always been high, the record collections are on account of multiple favourable factors, including the recent changes on permitting input tax credits only upon timely compliance by the vendors,” said Deloitte India partner M.S. Mani. “Even though the spike in April’s GST collections partly benefits from year-end adjustments, the all-time high magnitude of inflows is very enthusing, and augurs well for a robust year on year growth in the months ahead as well,” said ICRA chief economist Aditi Nayar, adding there is evidence of a healthy pace of economic activity in March despite the escalating geopolitical conflict in Europe. Central GST revenues constituted ₹33,159 crore of April’s gross revenues from the tax, while State GST accounted for ₹41,793 crore and Integrated GST made up ₹81,939 crore, including ₹36,705 crore on import of goods. GST Compensation Cess collections, used to recompense States, grew 13.08% in April over March collections, to touch ₹10,649 crore. The cess collections included ₹857 crore collected on import of goods, marking a 8.9% decline from the ₹941 crore cess from import of goods in March.  There were, however, wide variations in growth trends across States. While Tamil Nadu’s collections grew just 10% in April, Maharashtra saw collections rise by 25%, Odisha 28% Haryana 23% and Andhra Pradesh 22%. Karnataka and Rajasthan recorded a 19% uptick in GST collections, while the growth rate was 17% for Gujarat, and 16% for Telangana, Uttar Pradesh and Delhi. Six States and Union Territories reported a contraction in revenues from a year ago, including Bihar (-2%), Manipur (-33%), Mizoram (-19%) and Tripura (-3%). GST inflows from Lakshwadeep tanked 18% year-on-year, while those in Daman and Diu dropped a sharp 78%. Geopolitical situation changing fast, utmost priority is to ensure high standards of operational preparedness: Army Chief Stating that the geopolitical situation was fast changing and there were several challenges ahead, [Army Chief Gen. Manoj Pande said on Sunday that his utmost priority would be to ensure very high standards of operational preparedness at all times]( while also taking forward modernisation with focus on indigenisation. “Utmost priority would be to ensure very high standards of operational preparedness to face current, contemporary and future challenges across the spectrum of conflict,” Gen Pande talking to journalists after reviewing a Guard of Honour on the lawns of South Block.  [Chief of the Army Staff Lieutenant General Manoj Pande pays tribute at the National War Memorial, in New Delhi, on Sunday.] Chiefs of other Services, Air Force Chief Air Chief Marshal V.R. Chaudhari and Navy chief Admiral R. Hari Kumar were also present. The three Chiefs are coursemates, from the 61st course of the National Defence Academy.  When asked about the significance of the presence of other Chiefs, Gen. Pande said they grew up together in their formative years. “I have known the other two Service chiefs well. It’s a good beginning of synergy, cooperation and jointmanship among the three Services,” he said assuring that they would work together and take things forward in the cause of national security and defence. Gen. Pande assumed charge as the 29th Chief of the Army Staff on Friday. On force modernisation, he said that his efforts would be to leverage new technologies through indigenisation. “Effort will be to leverage new technologies and further Atmanirbharta.” India calls for cessation of hostilities in Ukraine, resolution via dialogue ahead of PM Modi’s Europe visit As Prime Minister Narendra Modi embarks on a tour of three European nations, [India on May 1 once again called for the cessation of hostilities in Ukraine and resolution of the conflict through dialogue]( and diplomacy, noting that was an appreciation of its position on the crisis by its partner countries. At a media briefing, newly appointed Foreign Secretary Vinay Mohan Kwatra underlined the “context, clarity, importance and positive dimension” of India’s position on Ukraine and asserted that there should not be any doubt about it. On his first trip abroad this year, Mr. Modi will embark on a three-day visit to Germany, Denmark and France beginning Monday amid the ongoing crisis in Ukraine. “Our position on Ukraine has been clear. First, there should be a cessation of hostilities; second, a solution must be found out through dialogue and diplomacy,” he said, adding this view has been conveyed very clearly to various countries. The Foreign Secretary said the visit is focused on expanding India’s bilateral ties with the three European nations in a range of areas including trade and investment, clean energy, digital technology and defence, and added that the Ukraine issue will figure in the talks as part of discussions on regional and global developments. He said India’s international partners have an understanding of its standpoint on Ukraine and they even have a deep appreciation for it. Mr. Kwatra said discussions on energy security will be one of the key areas of discussion during the Prime Minister’s visit as it has assumed greater significance in the current circumstances. There has been a wider debate and discussion in Europe over ending dependence on its reliance on Russian energy in view of its attack on Ukraine. The Foreign Secretary talked about the “changing elements” of energy security, its impact on developing countries like India, the challenges in the sector and the mitigation of the challenges. “I am sure this would constitute one of the elements in the overall discussions. But naturally one single item would not define what the structure of the discussions would be,” he said. Mr. Kwatra said that Prime Minister Narendra Modi and German Chancellor Olaf Scholz will co-chair the 6th India-Germany Inter-Governmental Consultations [IGC] on Monday.  It will be followed by a high-level roundtable where Mr. Modi and Mr. Scholz will interact with the top CEOs of both countries. The Prime Minister is also scheduled to interact with the Indian diaspora in Germany. From Germany, Mr. Modi will travel to Copenhagen at the invitation of the Danish Prime Minister Mette Frederiksen. He will also participate in the second India-Nordic summit being hosted by Denmark. Finance Minister Nirmala Sitharaman and a number of other senior Union ministers are expected to accompany Mr. Modi to Germany as the format of the IGC mandates direct talks between senior ministers from the two sides on cooperation in specific areas. Patiala clashes | Nine including key conspirator held   [The Punjab police on Sunday arrested nine persons, including the key conspirator Barjinder Singh Parwana]( in connection with the ‘anti-Khalistan’ clash between different groups in Patiala. [Barjinder Singh Parwana, main accused in the Patiala violence case, being taken to Mata Kaushalya Hospital for his medical test, in Patiala district, on Sunday.] Inspector General of Police of the Patiala range, Mukhwinder Singh Chhina, said they had arrested Mr. Parwana from Mohali in Sahibzada Ajit Singh Nagar district. Five others had been arrested since Saturday night. “Till now, we have arrested nine persons in connection with Patiala violence,” the IG said. According to the police, Mr. Parwana was the main conspirator from the Sikh radicals’ group, who allegedly led a mob and incited violence in Patiala on Friday in which four persons, including two police personnel, were injured. Those arrested include Sikh radicals — Shiv Dev, Davinder Singh and Rajinder Singh, and Shiv Sena (Bal Thackeray) district president Shankar Bhardwaj and Ashwani Kumar Gaggi Pandit. Earlier the police had arrested Harish Singla of the Shiv Sena (Bal Thackeray), besides, Kuldeep Singh and Daljeet Singh in different cases related to the violence. Six FIRs were registered in connection with the Patiala violence. On Friday, a clash broke out between different groups amid a confrontation surrounding the holding of a foot march in the city against the backdrop of the announcement by the Sikhs for Justice (SFJ) to mark the foundation day of Khalistan on April 29. In Brief The tenures of three high profile offices — the Union Home Secretary; Director, Intelligence Bureau (IB); and Secretary, Research and Analysis Wing (R&AW) — [are ending in the next few months, with suspense over whether the present incumbents will continue]( at the posts or new faces will replace them. Since Independence, none of these offices have been occupied by a woman. The general elections are due in first half of 2024. If new appointments to these posts are made next year, they will have a little over six months in their new offices till the model code of conduct kicks in and a new government is formed by May 2024. Evening Wrap will return tomorrow  Today’s Top Picks [[The Hindu Group’s Chairperson receives Columbia Journalism School’s Distinguished Alumni Award] The Hindu Group’s Chairperson receives Columbia Journalism School’s Distinguished Alumni Award]( [[Kerala’s ‘tuber man’ roots for model farming] Kerala’s ‘tuber man’ roots for model farming]( [[CIA picks Indian-origin IT expert Nand Mulchandani as its first Chief Intelligence Officer] CIA picks Indian-origin IT expert Nand Mulchandani as its first Chief Intelligence Officer]( [[Explained | States vs Centre: Which govt. increased the fuel tax rate?] Explained | States vs Centre: Which govt. increased the fuel tax rate?]( Copyright @ 2021, THG PUBLISHING PVT LTD. If you are facing any trouble in viewing this newsletter, please [try here]( If you do not wish to receive such emails [go here](

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