Revenue from Goods and Services Tax (GST) for the month of May might not match the over Rs 1 lakh crore mop-up in April, as the first quarter of the fiscal year is generally a weak one,
April-June or the first quarter is a subdued period when manufacturing activity also slackens a bit, order inflows slow amidst setting of targets for the new financial year.
In a first since its rollout from July 1, 2017, GST collection hit a record high of Rs 1.03 lakh crore in the month of April (for domestic sales in March), a sharp jump from the average monthly mop-up of close to Rs 90,000 crore.
However, on Tuesday, the finance ministry cautioned that in the last month of the financial year, people try to pay arrears of some of the previous months. Therefore, April’s mop-up–which includes IGST and cess on imports for April and SGST, CGST and domestic cess and IGST for the domestic sales in March—revenue cannot be taken as trend for the future.
A top finance ministry official also said that GST collection may not exceed Rs 1 lakh crore every month, but key anti-evasion measures and assessments through the year may result in an average monthly collection crossing a lakh crore for the financial year 2018-19.
According to a report published by Nomura, as GST collection in April was largely based on seasonal factors, that one particular month’s data is not sufficient to build confidence in the budgeted GST target of Rs 7.44 lakh crore in 2018-19.
Demonetisation, GST impact: India is fast ceding gold market share to China
India is fast losing its gold market share to China. And, from that perspective, the January-March period of 2018 has been the worst for India’s share of the global yellow metal demand.
According to the World Gold Council’s gold demand trend report for the March quarter, released on Thursday, total global consumer gold demand (jewellery and investment) in 2017 stood at 3,198.6 tonnes, two per cent lower than that in 2010. India’s share of the 2010 demand, at 1,001.7 tonnes, was 31 per cent of the total; and China’s was 29.7 per cent. In 2017, while China’s share of the total demand increased to 31.6 per cent, India’s fell to 23 per cent. China and India have traditionally been the two biggest gold consumers globally.
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