Benchmarks traded sideways with modest losses in mid morning trade. The Nifty hovered near the 14,550 level. FMCG and metal stocks bucked the weak market trend. Mounting COVID-19 cases continued in the country and a negative trend in Asian equities spoiled sentiment.
At 11:23 IST, the barometer index, the S&P BSE Sensex, was down 346.65 points or 0.71% at 48,435.12. The Nifty 50 index declined 87.45 points or 0.6% at 14,543.10.
In broader market, the S&P BSE Mid-Cap index was down 0.42% while the S&P BSE Small-Cap index was up 1.01%.
The market breadth was positive. On the BSE, 1534 shares rose and 1193 shares fell. A total of 163 shares were unchanged.
The gross Goods and Services Tax or GST revenue collected in the month of April 2021 is at a record high of Rs. 1,41,384 crore of which CGST is Rs. 27,837 crore, SGST is Rs. 35,621, IGST is Rs 68,481 crore (including Rs. 29,599 crore collected on import of goods) and Cess is Rs. 9,445 crore (including Rs. 981 crore collected on import of goods). The GST revenues during April 2021 are the highest since the introduction of GST even surpassing collections in the last month (March 2021). In line with the trend of recovery in the GST revenues over past six months, the revenues for the month of April 2021 are 14% higher than the GST revenues in the last month of March 2021. During the month, the revenues from domestic transaction (including import of services) are 21% higher than the revenues from these sources during the last month. GST revenues have not only crossed the Rs. 1 lakh crore mark during successively for the last seven months but have also shown a steady increase. These are c
The government has waived late fee on delayed filing of monthly return GSTR-3B and tax payment for the months of March and April and also cut interest rate for late filers. Taxpayers with a turnover of over Rs 5 crore have been given 15 days extra time to file monthly summary return GSTR-3B and pay taxes without paying any late fees. They would be required to pay a lower 9 per cent for these 15 days, after which the rate would be 18 per cent. While those with a turnover up to Rs 5 crore in the preceding financial year have 30 days more time from their original due date for filing 3Breturns for March and April, with late fee waiver. Interest rate would be Nil for the first 15 days, post which it would be 9 per cent. After 30days, a 18 per cent interest would be levied.
Read more about GST officers to soon have real-time data on vehicles moving without e-way on Business Standard. The government is working on a system to soon provide report to GST officers on a real-time basis for those vehicles which are moving without e-way bills
Read more about Net Indirect Tax collections Spurt 12.3% In FY21 on Business Standard. The provisional figures for indirect tax collections (GST & non-GST) for the Financial Year 2020-21 show that net revenue collections are at Rs 10.71 lakh crore as compared to 9.54 lakh Crore for the Financial Year 2019-20, thereby registering a