Page 16 - Banking Finance September 2022

ROUNDUP

month of July 2022 is Rs 1,48,995 crore 1 to ITR-7), in phases between June 27 June credit card spends
of which CGST is Rs 25,751 crore, SGST and August 10. Over 65,000 returns
remain above Rs. 1 trillion
is Rs 32,807 crore, IGST is Rs 79,518 have already been filed.
crore (including Rs 41,420 crore col- Credit card spends in June, although
Taxpayers filing returns for AY 2021-22
lected on import of goods) and cess is down marginally month-on-month
will need to pay the regular tax due
Rs 10,920 crore (including Rs 995 crore (MoM), remained above the Rs 1-tril-
and interest thereon till date, along
collected on import of goods). This is lion mark for the fourth consecutive
with an additional amount of 25 per
second highest revenue since introduc- month. In June, credit card spends
cent of such tax and interest. For Ay
tion of GST. The government has topped Rs 1.09 trillion, down 4.34 per
2020-21, the additional amount will be
settled Rs 32,365 crore to CGST and Rs cent MoM, revealed the data released
50 per cent of the tax payable and in-
26,774 crore to SGST from IGST. The by the Reserve Bank of India (RBI).
terest. This facility was proposed in the
total revenue of Centre and the States However, on a year-on-year basis,
Budget for FY23.
in the month of July 2022 after regu- spends were up 73 per cent.
lar settlement is Rs 58,116 crore for In May, credit card spends hit an all-
Over 7% of Indians own
CGST and Rs 59,581 crore for the SGST. time high, reaching Rs 1.14 trillion. The
digital currency; 7th high-
The revenues for the month of July banking system added over 1.84 million
2022 are 28% higher than the GST rev- est in world credit cards in June, taking the out-
enues in the same month last year of standing credit cards in the system to
According to the UN, over 7% of
Rs 1,16,393 crore. During the month, 78.72 million.
India's population owned digital cur-
revenues from import of goods was The surge in card addition was led by
rency in 2021, ranking seventh in the
48% higher and the revenues from
list of top 20 global economies for digi- HDFC Bank, the largest card issuer in
domestic transaction (including import
tal currency ownership as share of the country, Kotak Mahindra Bank,
of services) are 22% higher than the
population. The use of cryptocurrency and Axis Bank.
revenues from these sources during
rose globally at an unprecedented rate
HDFC Bank added 386,487 cards in
the same month last year. For five
during the COVID-19 pandemic. Ac-
June, followed by Kotak Mahindra Bank
months in a row now, the monthly GST
cording to the UN trade and develop-
(262,942), Axis Bank (228,933), ICICI
revenues have been more than Rs 1.4
ment organization UNCTAD, in 2021,
Bank (190,490), and SBI Card
lakh core, showing a steady increase
15 of the top 20 economies in terms
(166,976).
every month. The growth in GST rev-
of the percentage of the population
enue till July 2022 over the same pe-
that owns cryptocurrencies were de-
riod last year is 35%. Coins worth Rs. 11 crore
veloping countries.
missing from bank
Ukraine topped the list with 12.7%,
All categories of taxpayers The Central Bureau of Investigation
followed by Russia with 11.9%, Venezu-
can now file updated re- ela with 10.3%, Singapore with 9.4%, (CBI) conducted searches at 25 loca-
tions in connection with a case of coins
Kenya with 8.5%, and the US with
turns for AY21, AY22
8.3%. The UNCTAD stated that while worth Rs 11 crore going missing from
All categories of Income Tax assessees the vaults of a State Bank of India (SBI)
some people have benefited from
can now file updated returns for the branch in Karauli in Rajasthan, officials
these private digital currencies and
Assessment Years 2020-21 and 2021- said. The central agency had regis-
they have made remittances easier,
22, with the payment of additional tered the case on April 13 following an
they are an unstable financial asset
tax. However, this facility is not avail- order of the Rajasthan High Court,
that also carries social risks and costs.
able for those seeking a refund. they said.
The monetary sovereignty of nations
Assessment Years 2020-21 and 2021-22 may be at risk if cryptocurrencies take The SBI had approached the Rajasthan
refer to fiscal years 2019-20 and 2020- off as a common form of payment and high court seeking a CBI probe into the
21 respectively. For both years, the even informally displace national cur- matter as the missing amount was
updated return form (ITR-U) has been rencies (a process known as higher than Rs 3 crore, the threshold
enabled for all return types (from ITR cryptoisation). for seeking a probe by the agency.
16 | 2022 | SEPTEMBER | BANKING FINANCE