The Things You Should Know

  Ministry of Finance has released the data of gross GST revenue collection for the month of November on 1st December.  The gross GST revenue collected in the month of  November , 2020 is  ₹ 1,04,963  crore  of which CGST is  ₹ 19,189  crore , SGST is  ₹ 25,540  crore , IGST is  ₹ 51,992   crore  (including  ₹ 22,078  crore  collected on import of goods) and Cess is  ₹8,242 crore  (including  ₹ 809  crore  collected on import of goods). The total number of GSTR-3B Returns filed for the month of  November  upto 30th November , 2020 is  82 lakh . The government has settled  ₹ 22,293 crore  to CGST and  ₹ 16,286 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  November , 2020 is  ₹ 41,482 crore  for CGST and  ₹ 41,82...

The  Central Statistics Office (CSO), Ministry of  Statistics and Programme Implementation has released the estimates of Gross Domestic Product (GDP) for the first quarter (April-June) Q1 of 2020-21  on 31st August. The GDP growth rate for the first quarter is - 23.9% . It is the 8th consecutive Quarterly decline in GDP growth.  Growth in the Gross Value Added (GVA) for the first quarter is at -22.8% .  This is the first GDP contraction in last 40 years and first after 1991 economic reforms. The major factor is the pandemic, however the pre-covid slowdown has also played its role. GDP at Constant (2011-12) Prices in Q1 of 2020-21 is estimated  at   ₹ 26.90  lakh crore , as against  ₹ 35.35 lakh crore in Q1 of 2019-20, showing a contraction of  23.9 percent as compared to 5.2 percent growth in Q1 2019-20 .  Quarterly GVA at Basic Price at Constant (2011-12) Prices for Q1 of  2020-21  is estimated at  ₹ 25.53  lakh...