Page 14 - Banking Finance May 2022

ROUNDUP

CBDT has notified all the ITR forms
(except the form for charitable trust) March GST mop-up at new high of Rs. 1.42 trn
on the first day of the relevant year (AY GST collection in March touched an all-time high of over Rs 1.42 trillion, an
2022-23). The just notified ITR forms increase of 15% annually, on the back of rate rationalisation and anti-evasion
have additional particulars of disclo- steps, the finance ministry said.
sures to provide more information at With the record collection, the Centre's Goods and Services Tax (GST) mop-
the time of filing of return of income up has exceeded the revised budget target of Rs 5.7 trillion set for the pre-
itself," said Om Rajpurohit, director, vious fiscal ended March 31, 2022.
AMRG & Associates.
The gross GST revenue collected in March 2022 is Rs 1.42 trillion, of which
CGST is Rs 25,830 crore, SGST is Rs 32,378 crore, IGST is Rs 74,470 crore
Foreign trade policy ex- (including Rs 39,131 crore collected on import of goods) and cess is Rs 9,417

tended till September 30 crore (including Rs 981 crore collected on import of goods).
The government has further extended The gross GST collection in March 2022 is all-time high, breaching an earlier
the existing Foreign Trade Policy (FTP) record of nearly Rs 1.41 trillion collected in January.
till September 30 this year, according
to a commerce ministry notification. billion in FY2020-21. India's merchan- Apart from this, Ramkrishna had shared
FTP provides guidelines for enhancing dise exports had breached the tar- certain internal confidential informa-
exports to push economic growth and geted $400 billion mark on March 23 tion, including financial and business
this year. The key export sectors, plans of NSE, dividend scenario, finan-
create jobs.
which contributed to record healthy cial results with the yogi and even con-
On March 31, 2020, the government had growth, include petroleum products, sulted him over the performance ap-
extended the Foreign Trade Policy 2015- engineering, gems and jewellery, praisals of the exchange's employees.
20 for one year till March 31, 2021, amid chemicals and pharmaceuticals.
the coronavirus outbreak and the The top five export destinations are Net direct tax collection
lockdown. In the policy, the government
announces support measures for both the US, UAE, China, Bangladesh and rises 50% in FY22
goods and services exporters. the Netherlands. Hailing the country's Direct taxes, comprising income tax
success in achieving the goods export
"The existing Foreign Trade Policy 2015- target, Prime Minister Narendra Modi and corporation tax, have broken all
20 which is valid up to March 31, 2022 had said that this is a key milestone in records and touched Rs 13.81 trillion
is extended up to September 30, 2022," India's 'Aatmanirbhar Bharat' journey. in FY22. Collection jumped more than
the Directorate General of Foreign 49 per cent over that of the previous
Trade (DGFT) said in the notification. SEBI forms panel to fiscal year, mainly due to a low base
Exports touch new peak strengthen governance of effect. In FY21, net collection stood at
Rs 9.23 trillion.
of $418 b in FY22 stock exchanges However, collection in FY22 is even
Capital markets regulator Sebi consti-
India's merchandise exports spurted to higher by 34 per cent and 23 per cent
tuted a committee for reviewing and
a record high of $418 billion in the making recommendations for further over the pre-pandemic levels of FY19
2021-22 fiscal on higher shipments of strengthening of governance norms at and FY20. In FY20, net collection was
petroleum products, engineering stock exchange and other market in- Rs 10.28 trillion and in FY19 Rs 11.18
goods, gem and jewellery and chemi- frastructure institutions (MIIs). trillion. Gross collection in FY22
cals, according to official data released. touched Rs 15.83 trillion, which too is
The development comes in the back-
Outbound shipments touched an all- drop of alleged corporate governance a historic high, according to the offi-
time high of $40 billion in a month in lapses at NSE, with several issues com- cials. This was mainly driven by corpo-
March 2022, Commerce and Industry ing to the fore following a Sebi order ration tax, which as no March 31st
Minister Piyush Goyal told reporters that disclosed the existence of a 'Hima- stood at Rs. 8.48 trillion and personal
here. Exports stood at $34 billion in layan yogi' who influenced the deci- income tax added Rs. 7.08 trillion.
March 2021. sions of the exchange's former MD and Refunds aggregating Rs. 2.01 trillion
Merchandise exports were worth $292 CEO Chitra Ramkrishna. were issued last fiscal year. T

14 | 2022 | MAY | BANKING FINANCE