A FAVOURABLE HEADWAY
Beyond Market|June, 2023
India's economy exhibits a steadfast and dynamic momentum, propelled by robust and noteworthy developments within the country and outside it too with the exception of some setbacks
A FAVOURABLE HEADWAY

India’s economy has showcased a resolute and encouraging momentum, characterized by a formidable upsurge in GST collections, an impressive 7.2% expansion in FY23 GDP, the astute acquisition of discounted oil imports amid the backdrop of the Ukraine conflict, a substantial surge in seafood exports, a projected inflation rate of 5.1% for FY24, and the diligent oversight of inflation and growth prospects by the unwavering Monetary Policy Committee.

GST Collection Expands 12% y-o-y in May

The Goods and Services Tax (GST) collection in May this year climbed 12% year-on-year (y-o-y) to ₹1.57 lakh crore, marking the fifth time the collection has breached the ₹1.5 lakh crore-mark since its inception in July ’17.

The May GST collection is slightly higher than expected, marking the 14th consecutive month that the monthly collection has surpassed the ₹1.4 lakh crore-mark. In May of the previous year, the GST revenue stood at ₹1.41 lakh crore.

Given the steady collection trend in the last nearly one-and-a-half years, there is a high possibility of GST mop-ups ranging between ₹ 1.55 lakh crore and ₹ 1.65 lakh crore over the next few months.

In May, the Central GST (CGST) stood at ₹ 28,411 crore, while State GST (SGST) and Integrated GST (IGST) amounted to ₹35,828 crore and ₹81,363 crore, respectively. The cess collected was ₹11,489 crore, which includes ₹1,057 crore collected on the import of goods.

“During May, revenue from import of goods was 12% higher and revenue from domestic transactions (including import of services) was 11% higher than revenue from these sources during the same month last year,” the Finance Ministry said.

In terms of volume, Maharashtra, Gujarat, Karnataka, and Tamil Nadu registered the highest collections.

India Clocks GDP Growth Of 7.2% In FY23

Denne historien er fra June, 2023-utgaven av Beyond Market.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra June, 2023-utgaven av Beyond Market.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA BEYOND MARKETSe alt
PRUDENT PRACTICES
Beyond Market

PRUDENT PRACTICES

Banks worldwide navigate a complex balancing act, steering economies toward growth while safeguarding financial stability through thoughtful management of interest rates and credit risks

time-read
6 mins  |
August 2024
RETAIN ROULETTE
Beyond Market

RETAIN ROULETTE

Inexperienced investors spin the market wheel, chasing dizzying valuations and risking a bubble burst

time-read
5 mins  |
August 2024
UNRAVELED THREADS
Beyond Market

UNRAVELED THREADS

Bangladesh's crisis disrupts global textiles, offering India a potential opportunity, but production constraints limit its gains

time-read
4 mins  |
August 2024
PASSING THE BATON
Beyond Market

PASSING THE BATON

Succession planning helps ensure uninterrupted leadership

time-read
4 mins  |
August 2024
RISKY BUSINESS?
Beyond Market

RISKY BUSINESS?

SEBI's efforts to protect retail investors from derivatives market risks could inadvertently dampen market volumes

time-read
5 mins  |
August 2024
INFLATION-PROOF YOUR CHILD'S FUTURE
Beyond Market

INFLATION-PROOF YOUR CHILD'S FUTURE

Inflation might be stealing your child's future, but children's mutual funds can be their superhero

time-read
6 mins  |
August 2024
EMBRACE UNCERTAINTY, SAYS MARKS
Beyond Market

EMBRACE UNCERTAINTY, SAYS MARKS

Howard Marks urges investors to embrace uncertainty, long-term thinking, and focus on controllables, shunning in his memo “The Folly of Certainty”

time-read
7 mins  |
August 2024
IMPORTANT JARGON
Beyond Market

IMPORTANT JARGON

70% OF INDIVIDUAL INTRADAY TRADERS IN THE EQUITY CASH SEGMENT MAKE LOSSES, FINDS SEBI STUDY

time-read
4 mins  |
August 2024
AN ASCENT T'O NEW HEIGHTS
Beyond Market

AN ASCENT T'O NEW HEIGHTS

The IMF predicts India's economy to reach 55 trillion by 2047, driven by various economic indicators showing positive growth and government initiatives

time-read
5 mins  |
August 2024
CARRY TRADE CRASH: GLOBAL MARKETS REEL
Beyond Market

CARRY TRADE CRASH: GLOBAL MARKETS REEL

Japan’s Policy Shift Sends Shockwaves Through Global Markets, Including India, as Yen Carry Trade Disintegrates

time-read
4 mins  |
August 2024