Page 19 - Banking Finance July 2023

ROUNDUP

GST mop-up in May rises June 2023-24 included corporation tax the cooperative sector" by converging
of Rs 92,784 crore and personal in- eight ongoing schemes of three minis-
12% y-o-y on robust de-
come tax of Rs 23,991 crore. tries.
mand
The growth rate in direct tax revenues Briefing the media on the Cabinet de-
Goods and services tax (GST) collection so far is higher than 9.4 per cent in- cision, Information and Broadcasting
in May rose 12 per cent over the same crease projected for the financial year Minister Anurag Thakur said, "We will
month last year to Rs 1.57 trillion, in- 2023-24. Though consumption demand start the world's largest grain storage
dicating that the economy is holding is muted, a softening of global com- scheme in the cooperative sector with
firm despite external headwinds. Ex-
modity prices has led to moderation in an outlay of around Rs 1 lakh crore."
perts anticipate GST would expand 10- input prices, in turn supporting the
Union Home Minister and Minister of
11 per cent in this fiscal year, in step
operating margins of companies and
Cooperation Amit Shah thanked the
with the government's growth esti-
thereby, the tax revenue growth.
Prime Minister for approving the con-
mate of 6.5 per cent.
stitution of the IMC. "In order to en-
With this, gross GST has crossed Rs 1.5 Gandhi Peace Prize 2021 sure time-bound and uniform imple-
trillion for the fifth time since the in- mentation of the Plan in a professional
conferred on Gita Press
ception of the indirect tax regime, manner, Ministry of Cooperation will
making it a new base for this fiscal The Gandhi Peace Prize for 2021 will
implement a pilot project in at least 10
year. Monthly GST reported more than be conferred on Gita Press, Gorakhpur,
selected districts," the government
Rs 1.4 trillion for 14 months in a row. the culture ministry announced. The said in a statement.
decision was taken by a jury headed by
"GST revenues in May have modestly
PM Narendra Modi.
exceeded our expectations. Over the Nationwide drive turns up
next few months, we expect GST to Recalling the contribution of Gita Press
10,000 fraud GST registra-
print at Rs 1.55-1.65 trillion and record in promoting the Gandhian ideals of
an expansion of 10-11 per cent in YoY peace and social harmony, PM Modi tion in week 1
terms, broadly in line with the nomi- said the conferment of Gandhi Peace Central and state goods and services
nal GDP growth expected in FY24," Prize on Gita Press, on completion of tax officials have detected about
said Aditi Nayar, chief economist, ICRA. 100 years of its establishment, is a rec- 10,000 fake GST registrations in the
ognition of the work done by the insti- first week of a joint drive. The officials
Net direct tax mop-up tution in community service. are conducting door-to-door physical
verification of addresses before initiat-
grows 11% so far to Rs. "I congratulate Gita Press, Gorakhpur
ing any action, people aware of details
on being conferred the Gandhi Peace
3,80 lakh crore said.
Prize 2021. They have done commend-
Boosted by the first installment of ad- "In the first week of the drive so far we
able work over the last 100 years to-
vances taxes, net direct tax collections have detected about 10,000 fake GST
wards furthering social and cultural
grew 11.18 per cent to Rs 3,79,760 registrations," a senior official told.
transformations among the people,"
crore till June 17 in the current finan-
he said. In many cases, officials found forged
cial year, data released by the Finance
electricity bills, property tax receipts
Ministry showed.
Nod for panel to set up and rent agreements were used as
The Centre's advance direct tax collec- proof of principal place of business to
'largest' grain storage in
tions for the April-June quarter from obtain GST registration.
companies, limited liability partner- co-op sector
The amount of fake input tax credit is
ships (LLPs) and individuals rose 13.7
The Union Cabinet approved forming yet to be ascertained. "It is premature
per cent to Rs 1,16,776 crore, the fi-
and empowering an Inter-Ministerial to assess numbers so far but initial es-
nance ministry said in a statement.
Committee (IMC) to create the timates suggest it to be above 25,000
The advance tax collections for April- "world's largest grain storage plan in crore," the official said.
18 | 2023 | JULY | BANKING FINANCE