The collections of the goods and services tax for August improved from the previous month even as rates were lowered on some items. The revenue from GST paid for August stood at Rs 94,442 crore compared with Rs 93,960 crore in July, according to a statement of the Ministry of Finance. Collections in July had declined partly due to the impact of the rate cut on 88 items.
The government had cited the delay in sale of items on which GST rate was lowered on July 21—and became effective from July 27—for the dip. It, however, said the actual impact of the rate cut would be known only from collections for August.
“The various anti-evasion measures implemented by the government might have led to an increase in GST collections despite the recent rate cut”, said
Abhishek Jain, indirect tax partner at EY India. “The impact of anti-evasion measures will entail businesses to refrain from any tax evasion activities.”
The statement by the ministry detailed the tax collected under various heads:
Central GST stood at Rs 15,318 crore, post integrated GST settlement at Rs 30,574 crore.
State GST at Rs 21,061 crore, post integrated GST settlement at Rs 35,015 crore.
Integrated GST at Rs 50,070 crore.
Compensation cess stood at Rs 7,993 crore.
Yes Bank Extends Gains, Surges Over 10%
Shares of the Mumbai-based private sector lender extended gains and rose as much as 14 percent to Rs 210 after disclosed NPA numbers for the September quarter ahead of its earnings.
IL&FS Transportation, Infibeam Among Fab Four Stocks Of The Day
IL&FS Transportation Network: The Noida-based road developer rose as much as 20 percent to Rs 27 after the government sought to takeover the parent IL&FS by replacing all existing board members.
Infibeam Avenues: The Gandhinagar-based e-commerce website operator rose 18 percent after it clarified that promoters Have not sold any pledged shares.
Gayatri Projects: The Hyderabad-based construction company advanced 7 percent to Rs 179 after it received additional orders worth Rs 550 crore.
Eros International: The Mumbai-based movie producer snapped its 6-day losing streak on heavy volumes. Trading volume was 13.1 times its 20-day average.
Market Check: Sensex Rises Over 150 Points Led By TCS, HDFC
The benchmarks rebounded from intraday low levels led by TCS, HDFC twins and Infosys.
The Sensex rose 0.4 percent or 175 points to 36,402 and Nifty 50 Index climbed 0.3 percent or 33 points to 10,963.
Tata Motors Rises After Domestic Sales Jump 20% In September
Shares of the Mumbai-based car and commercial vehicle maker rose as much as 3 percent to Rs 230.50 after its domestic sales rose 20 percent to 64,250 units in September, Tata motors said in an exchange filing.
Key sales highlights:
Domestic sales rose 20 percent to 64,250 units versus 53,964 units (YoY)
Commercial vehicle sales rose 26 percent to 46,169 units versus 36,578 units (YoY)
Medium and heavy commercial vehicle truck sales rose 32 percent to 16,239 units versus 12,259 units (YoY)
Passenger vehicle sales rose 7 percent to 18,429 units versus 17,286 units (YoY)
Exports rose 35 percent to 5,250 units versus 3,887 units (YoY)
Cumulative domestic sales for April-September rose 40 percent to 339,186 units versus 242,787 units during the same period last year.
Jet Airways Falls For Tenth Day; Longest Losing Streak In Over 5 Years
Shares of the Mumbai-based airline operator fell for a tenth day in row, its longest losing streak in over five years, to Rs 162.80.
The stock has been facing selling pressure after the Income Tax Department began inspecting the books of crisis-hit Jet Airways for alleged falsification of accounts and suspicious transactions.
In last the ten trading sessions the stock has slumped 39 percent.