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March GST collections hit a record Rs 1.06 lakh crore

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Goods and Services Tax (GST) collection in March rose 15.6% from a year ago to hit Rs 1.06 lakh crore, the highest since the new indirect tax system took effect on July 1, 2017.

“Total gross GST revenue collected in March, 2019 is Rs 1,06,577 crore, of which CGST (Central GST) is Rs 20,353 crore, SGST (State GST) is Rs 27,520 crore, IGST (Integrated GST) is Rs 50,418 crore (including Rs 23,521 crore collected on imports) and cess is Rs 8,286 crore (including Rs 891 crore collected on imports),” the finance ministry said in a statement.

Average monthly GST revenue during August-March of 2017-18 was Rs 89,885 crore, which rose to Rs 98,114 crore during AprilMarch of 2018-19.

The finance ministry said revenue growth has picked up in the last few months, despite various rate cuts by the GST Council. GST mop-up for the whole of 2018-19 stands at Rs 11.77 lakh crore.

Finance minister Arun Jaitley tweeted that the March figures indicate an expansion in manufacturing and consumption.

As many as 75.95 lakh GSTR3Bs (summary returns) were filed till March 31 for February, against 73.48 lakh a month ago.

“The steep increase in GST collections is quite a welcome outcome for the economy. Some major reasons for the growth could be reconciliations by businesses of outward and inward supplies, intelligent data analytics, related tax leakage detections and consequent GST payment by businesses,” Abhishek Jain, tax partner, EY India, said.

According to Devendra Kumar Pant, chief economist at India Ratings, higher GST collection will reduce pressure on the centre emanating from compensation paid to the states for any revenue loss.

“Any surplus in the compensation cess account would be a bonus both for central and state governments,” he said.

Monthly GST collection has largely remained below the average expected Rs 1 lakh crore, barring April, October, January and March, mainly due to several rate cuts as well as procedural hurdles.

In the interim budget, the government slashed CGST revenue target by Rs 1 lakh crore to Rs 6.43 lakh crore, excluding states’ share of revenue. The government is looking to collect Rs 7.61 lakh crore in 2019-20, including CGST, IGST and compensation cess.

“It is worth noting that projected growth in GST collections for 2019-20 is around 20% over 2018-19. Achieving this steep target would call for substantial increase in tax base by plugging the existing leakages, as room for increase in tax rate seems limited,” said Pratik Jain, partner and leader indirect tax, PwC India.

For fiscal 2019-20, the GST collection target has been budgeted at Rs 13.71 lakh crore.

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Business

Delhi: Businesses can now remain open 24×7, over 300 applications cleared by L-G

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Photo by Rehan Fazal on Unsplash

From restaurants to transport services and BPOs to online delivery services, all those who apply for exemptions will be allowed to operate 24×7 in Delhi starting next week, with Lieutenant Governor V K Saxena approving the proposal to exempt 314 such places to operate all day long, some of them pending since 2016, officials said.

“The L-G has directed that notification to this effect be issued within seven days. The decision of providing exemption under Sections 14, 15 & 16 of the Delhi Shops & Establishment Act, 1954, is expected to boost employment generation and promote a positive and favorable business environment that is a prerequisite for economic growth. The decision will also provide a fillip to the much desired ‘nightlife’ in the city,” said an official.

Source: IndianExpress

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Business

Swiggy Instamart figures, Mumbaikars ordered 570 times more condoms in the last one year

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Customers are also ordering medical-related things through online shopping platforms. In metros like Mumbai, Hyderabad, Delhi, and Bangalore, people are buying goods online in large numbers. People living in metro cities including Bengaluru, Delhi, and Mumbai ordered an average of 6 million eggs in the last year.

These days people are doing online shopping fiercely in the country. Through Grocery Service Platforms, the goods of need are easily reaching people’s homes. From vegetables to medicines, just a few clicks on the smartphone are reaching people’s doorsteps. According to a survey, Swiggy Instamart has provided service to more than 9 million users between June 2021 and June 2022. In metros like Mumbai, Hyderabad, Delhi, and Bangalore, people are buying goods online in large numbers.

Healthcare products orders

Customers are also ordering medical-related things through online shopping platforms. According to a survey, Mumbaikars have ordered 570 times more condoms in the last 12 months. At the same time, in 2021, Instamart received orders for about two million sanitary napkins, menstrual cups, and tampons. Apart from this, a lot of orders have also been received for grocery items.

56 lakh packets of noodles ordered

According to the survey, between April and June last year, there was a 42 percent increase in the demand for ice cream in these metro cities. It was also learned that most of the orders were placed after 10 pm. In metro cities, people have ordered 5.6 million packets of instant noodles. In Hyderabad, users ordered around 27,000 bottles of fresh juice during the summer months.

60 lakh eggs ordered

The demand for eggs has increased manifold in the last two years. People living in metro cities including Bengaluru, Delhi, and Mumbai ordered an average of 6 million eggs in the last year. According to the report, customers from Bangalore and Hyderabad ordered the maximum number of eggs for breakfast. At the same time, people of Mumbai, Jaipur, and Coimbatore have ordered the maximum number of eggs online at the time of dinner.

Demand for dairy products

There has been a huge jump in orders for both tea and coffee. According to the report, there has been an increase of 2,000 percent in its demand. At the same time, 3 crore orders of milk have come for milk. People from Bangalore and Mumbai have placed more orders in the morning. Regular milk, full cream milk and toned milk are the most ordered dairy products.

Ordering fruits and vegetables

Orders for 62,000 tonnes of fruits and vegetables have been received in the last year. With 12,000 orders, Bengaluru tops the list of organic product buyers. At the same time, Hyderabad and Bangalore together have ordered more than 290 tonnes of green chilies in 12 months. Over 2 lakh orders have been received for bathroom cleaners, scrub pads, drain cleaners, and more in the last year.

Source: Aajtak

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Zepto, 10-minute grocery delivery app, raises $100 million

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Only five months subsequent to dispatching, 10-minute basic food item conveyance application Zepto on Tuesday reported it has raised $100 million driven by Y Combinator, taking its valuation to $570 million.

Other than the raise money, Zepto has been developing staggeringly rapidly and is significantly increasing its client base consistently.

In the course of recent months, Zepto has extended past Mumbai by dispatching in Bengaluru, Delhi, Gurgaon, Chennai, Hyderabad, and Pune (Kolkata to follow), the organization said in an assertion.

“Financial backers are reliably deciding to back Zepto due to our top tier execution. This is giving us extraordinary energy – we’re developing at an amazing rate, clients are adoring the item experience, our center unit financial matters are solid, and we have one of the most outstanding startup groups in India today,” said Aadit Palicha, Co-Founder and CEO.

The Series C raising money round saw support from new and existing financial backers, including Glade Brook, Nexus, Breyer Capital, Lachy Groom, Global Founders Capital, Contrary Capital, and that’s just the beginning.

The round came 45 days later the organization reported its $60 million raise money in November.

Conveying food in a short time is a game-changing encounter for clients in the nation, and a few players are presently joining the race.

“We are eager to twofold down and lead this round in Zepto. They initially dispatched with an alternate model, quickly turned to speedy trade in August 2021, and are presently adding 100,000 new clients consistently, 60% of the ladies,” said Anu Hariharan from Y Combinator.

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