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02-09-2024
Bureau Report + Agencies
NEW DELHI/ BENGALURU: India collected 1.75 trillion rupees ($20.87 billion) in goods and services tax (GST) in July, a rise of 10% from the same period last year, according to a government statement on Saturday.
The Indian government collected 1.59 trillion rupees as GST in the same month last year.
India’s foreign exchange reserves (INFXR=ECI), opens new tab rose for a second straight week and hit a record high of $681.69 billion as of Aug. 23, data from the central bank showed on Friday.
The reserves rose $7 billion in the reporting week. They had risen $4.5 billion in the prior week.
The Reserve Bank of India (RBI) intervenes in the foreign exchange market to curb excess volatility in the rupee.
Changes in foreign currency assets are caused by the RBI’s intervention as well as the appreciation or depreciation of foreign assets held in the reserves.
Foreign exchange reserves also include India’s reserve tranche position in the International Monetary Fund.
In the week ending Aug. 23, the rupee traded in a range of 83.7550 to 83.9650 and logged marginal weekly gains.
The currency settled at 83.8625 on Friday, logging its second consecutive monthly decline.
On the historic night of 1st July 2017, India embarked on a transformative journey in its tax landscape with the implementation of the Goods and Services Tax (GST). Introduced by Prime Minister Narendra Modi as “a path-breaking legislation for New India,” GST replaced a fragmented and complex indirect tax regime that burdened businesses and consumers alike. Before GST, the tax framework consisted of numerous levies such as excise duty, service tax, VAT, CST, and others, each with its own set of compliance challenges and inefficiencies. This multiplicity not only increased the cost of doing business but also hindered seamless interstate movement of goods due to tax barriers.
GST unified India’s tax system, creating a single market that removed interstate barriers and boosted operational efficiency. It ended tax cascading by allowing businesses to claim input tax credit across the supply chain, reducing overall tax burden and simplifying compliance. This reform also enhanced transparency, accountability, and economic growth by rationalizing rates and standardizing procedures, aligning with India’s vision of ‘Ek Bharat Sreshtha Bharat’.
As we commemorate GST Day on July 1st each year, it serves as a reminder of India’s commitment to economic reform and its journey towards a more integrated and competitive economy on the global stage.
The Goods and Services Tax (GST) in India has demonstrated remarkable progress and effectiveness in revenue collection since its implementation. In the fiscal year 2020-21, the total collection was 11.37 lakh crores, with an average monthly collection of 0.95 lakh crores. This figure saw a substantial increase in the following years, with collections reaching 14.83 lakh crores in 2021-22 and an average monthly collection of 1.24 lakh crores. The upward trend continued in 2022-23, with total collections of 18.08 lakh crores and a monthly average of 1.51 lakh crores. In the current fiscal year 2023-24, the GST collection has further surged to 20.18 lakh crores, with an impressive average monthly collection of 1.68 lakh crores. These accomplishments reflect the successful implementation and growing compliance under the GST regime, contributing significantly to India’s economic growth and stability.
