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GST mop-up hits a record in March -Vikas Dhoot

-The Hindu The indirect tax collections were 27% higher than that in March 2020. The gross GST Collections in March hit a record of ₹1,23,902 crore, the Union Finance Ministry said on Thursday. This is the sixth month in a row that GST revenues have remained above ₹1 lakh crore. “The GST Collections for March have created a record; it has never been so high. We have crossed the record collections by a...

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Government ropes in I-T department to crack down on GST fraud -Vikas Dhoot

-The Hindu Data being pooled to track evasion, says Finance Secretary. Tightening the noose around fraudsters rigging the Goods and Services Tax (GST) regime, the government has roped in the Income tax department to tap illicit incomes as part of a crackdown against 7,000 fraud companies, identified using data analytics tools, Finance Secretary Ajay Bhushan Pandey told The Hindu. Any income traceable to the use of fake bills and other GST frauds shall...

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2020 – How the Modi Govt Led India into Record Joblessness -Subodh Varma

-Newsclick.in Unemployment has inched up to over 9% as the year ends and the so-called economic recovery is a mirage. For Indians, 2020 will go down in history as the worst year for livelihoods and incomes. Unemployment levels rose to record highs, incomes plummeted to record lows and such was the scale of deprivation that thousands of families teetered on the brink of starvation. Tragically, this was not just the pandemic. It...

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Do recent indicators hint at a real economic revival? -Vikas Dhoot

-The Hindu After India’s economy collapsed in the first quarter of 2020-21 following the nationwide lockdown imposed to curb the COVID-19 pandemic, some economic indicators from September and October, from power consumption to GST Collections, suggest that things are improving. But is this a sustainable recovery under way, or just an expression of pent-up demand combined with India’s festive-season spending? In a conversation moderated by Vikas Dhoot, Naushad Forbes and M....

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Beware, the numbers can be deceptive -Madan Sabnavis

-The Hindu Business Line Many high-frequency economic indicators are looking good, but must sustain beyond the unlock period, too There has been a sudden surge of optimism in the economy with various high-frequency indicators — PMI numbers, auto production/dispatches, e-way bills generated, GST Collections, etc. — showing positive tendencies. So, should we be celebrating? The answer is, yes and no. Yes, because there is something good happening in the economy and hence bodes...

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