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Manufacturing expands, but Covid-19 second wave weighs on service sector in July
The IHS Markit data contrasted with indicators like export performance, GST collection and E-way bills in FY22
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PHDCCI calls for 3-tier GST with highest slab at 18%
The current GST regime follows a four-tier structure that exempts or imposes a low rate of tax 5% on essential items
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Net tax revenues up 5% in FY21, says FM Nirmala Sitharaman
Non-tax revenue collection dropped 36% to Rs 2.08 lakh crore in 2020-21 from over Rs 3.27 lakh crore in 2019-20
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Rising revenue can bring worries down
To pump up revenue collection further, the government must quickly iron out the glitches in the IT portal and plug GST leakage.
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PHDCCI urges Centre to bring petroleum products under GST
Wholesale Price Index (WPI)-based inflation has been in a double-digit growth trajectory for the past three months
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GST revenue jumps 33% to over Rs 1.16 lakh crores in July
Goods and Services Tax (GST) collection in July 2020 was Rs 87,422 crore, Sequentially, it was Rs 92,849 crore in June this year.
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3-tier GST structure on the cards
As long as it is not clear which slabs will be merged, it cannot be ascertained whether consumers will gain or lose.
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GST rate structure rationalisation on govt's agenda: CEA
A three-rate structure is very important and there is also a need to fix inverted duty structure as far as the GST is concerned, K V Subramanian said
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Higher tax collection in Q1 shows economy on recovery path: Govt
Reasons for the increase in the tax collections include the revival of economic activities and positive sentiments among taxpayers.
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Honest taxpayer: Recognise and reward
Besides recognising the contribution of the taxpayer, the government should also reward them.
