4 years of GST regime | Tax base has doubled, says Nirmala Sitharaman
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Union Finance Minister thanks taxpayers on the fourth anniversary of Goods and Services Tax
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Union Finance Minister thanks taxpayers on the fourth anniversary of Goods and Services Tax With the Goods and Services Tax system completing four years, Finance Minister Nirmala Sitharaman has said most challenges in providing stability to the tax regime have been overcome, including the two waves of the unprecedented COVID-19 pandemic. “In the last four years, our tax base has almost doubled from 66.25 lakh to 1.28 crore. For eight in a row, GST revenues have cross Rs 1 lakh crore and we have seen record collection of Rs 1.41 lakh crore in April,” the minister said in a written message. “The enhanced revenue collection in recent months should be the ‘new normal’, she said.
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The domestic indices continued trading with losses in early afternoon trade. The Nifty index traded above 14,550-mark. Mounting COVID-19 cases continued in the country and a negative trend in Asian equities spoiled sentiment.
At 12:20 IST, the barometer index, the S&P BSE Sensex, fell 329.20 points or 0.67% at 48,453.16. The Nifty 50 index lost 75.40 points or 0.52% at 14,555.70.
In the broader market, the S&P BSE Mid-Cap index slipped 0.43% while the S&P BSE Small-Cap index rose 1.14%.
The market breadth was positive. On the BSE, 1,577 shares rose and 1,244 shares fell. A total of 169 shares were unchanged.
Derivatives:
The NSE s India VIX, a gauge of market s expectation of volatility over the near term, rose 1.06% to 23.2725. The Nifty 27 May 2021 futures were trading at 14,606.25, at a premium of 50.55 points as compared with the spot at 14,555.70.
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 benchmark indices were trading in a narrow range with modest losses in afternoon trade. The Nifty was trading below 14,550 mark. Mounting COVID-19 cases continued in the country and a negative trend in Asian equities spoiled sentiment.
At 13:20 IST, the barometer index, the S&P BSE Sensex, tumbled 330.44 points or 0.68% at 48,451.92. The Nifty 50 index lost 81.80 points or 0.56% at 14,549.30.
Reliance Industries (RIL) (down 1.89%), HDFC Bank (down 1.38%) and ICICI Bank (down 1.67%) were major drags.
In the broader market, the S&P BSE Mid-Cap index skid 0.48%. The S&P BSE Small-Cap index added 1.17%.
Buyers outpaced sellers. On the BSE, 1,621 shares rose and 1,277 shares fell. A total of 179 shares were unchanged.