Finance Ministry has said that 1 lakh 5 thousand 1 hundred 55 crore rupees of gross GST revenue has been collected in the month of October this year. Out of the gross GST revenue collected CGST is 19 thousand 1 hundred 93 crore rupees, SGST is 25 thousand 4 hundred 11 crore rupees, IGST is 52 thousand 5 hundred 40 crore rupees including 23 thousand 3 hundred 75 crore rupees collected on import of goods and Cess is 8 thousand and 11 crore rupees including 932 crore rupees collected on import of goods.
The total number of GSTR-3B Returns filed for the month of October upto yesterday is 80 lakh. The government has settled 25 thousand 91 crore rupees to CGST and 19 thousand 4 hundred 27 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of October, 2020 is 44 thousand 2 hundred 85 crore for CGST and 44 thousand 8 hundred 39 crore rupees for the SGST. The revenues for the month are 10 per cent higher than the GST revenues earned in October last year. Talking to AIR News, Finance Secretary AB Pandey said.
During the month, revenues from import of goods was 9 per cent higher and the revenues from domestic transaction including import of services are 11 per cent higher than the revenues from these sources during the same month last year. The growth in GST revenue as compared to that in months of July, August and September this year of minus 14 per cent, minus 8 per cent and 5 per cent clearly shows the trajectory of recovery of the economy and, correspondingly, of the revenues. Dr. Pandey said the interventions of the government have led to a positive growth trajectory.
Finance Ministry extends I-T exemption under LTC cash voucher scheme to non-central government employees
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Government has decided to extend the income tax exemption available under leave travel concession (LTC) cash voucher scheme to non-central government employees also to boost consumer spending. Non-central government employees will include employees of state governments, public sector enterprises, banks and private sector.
The move will allow non-government employees also to claim tax free cash allowance from their employers if a LTC scheme similar to one in the government sector is included in their working contract.
The goods and services should be purchased only from GST registered vendors through digital mode. Employees should make this payment during October 12, 2020 to March 31, 2021.
The government on October 12 announced giving out cash vouchers to central government employees this year in lieu LTC fare which could be spent only on buying non-food items with GST rate of 12 per cent or above.
Finance Ministry grants additional borrowing permission to UP & Andhra Pradesh upon undertaking reforms in PDS, Ease of Doing Business
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Union Finance Ministry has granted additional borrowing permission to two more states namely Uttar Pradesh and Andhra Pradesh for successfully undertaking reforms in the Public Distribution System (PDS) and Ease of Doing Business. This will make an additional amount of seven thousand 106 crore rupees available to these states.
In view of the unprecedented COVID-19 pandemic, the Union Government had in May this year allowed additional borrowing limit of up to two per cent of Gross State Domestic Product (GSDP) to the states for the current financial year. This made an amount up to four lakh 27 thousand 302 crore rupees available to the states.
One per cent of this is subject to implementation of four specific state-level reforms, where weightage of each reform is 0.25 per cent of GSDP. These reforms include implementation of One Nation, One Ration Card System, Ease of Doing Business reforms, Urban Local body reforms and Power Sector reforms.
Earlier last week, Telangana, Andhra Pradesh, Goa, Karnataka and Tripura were granted permission to raise additional financial resources of nine thousand 913 crore rupees through Open Market Borrowings upon successfully meeting the reform conditions of implementation of One Nation, One Ration Card System.
Andhra Pradesh has now become the first state in the country to successfully undertake Ease of Doing Business reforms as well and has therefore become eligible to raise an additional amount of two thousand 525 crore rupees through Open Market Borrowings.
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