The Things You Should Know

Ministry of Finance has released the data of gross GST revenue collection for the month of April, May and June on 1st July. Total 1st Quarter (April-June), 2020-21 GST collection is down by huge 41% .  The revenues during the financial year has been impacted due to COVID-19, firstly due to the economic impact of the pandemic and secondly due to the relaxations given by the Government in filing of returns and payment of taxes due to the pandemic. The GST collections for the month of  April  was  Rs. 32,294 crore  which was  28%  of the revenue collected during the same month last year and the GST collections for the month of  May  was  Rs. 62,009 crore  which was  62% of the revenue collected during the same month last year. The GST collections for the  first quarter  of the year is  59% of the revenue collected during the same quarter last year. However, a large number of taxpayers still have time to file thei...

Ministry of Commerce & Industry released the performance of eight core industries (Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement & Electricity) which  comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP) . The growth rate of Index of Eight Core Industries for April 2020 declined by 38.1% (provisional) compared to decline of 9 percent (provisional) previous month of March 2020.In view of nationwide lockdown during April 2020 due to COVID-19 pandemic, various industries viz. Coal, Cement, Steel, Natural Gas, Refinery, Crude Oil etc experienced substantial loss of production. Coal  production   declined  by 15.5  per cent  in April, 2020 over April, 2019. Its cumulative index   declined  by 0.4 per cent during April to March, 2019-20 over corresponding period of the previous year. Crude Oil  production   declined by 6.4 per cent  in  A...