GST receipts rose 12% to Rs 1.49 trillion in February, according to the Finance Ministry
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According to the finance ministry’s announcement on Wednesday, GST receipts increased by 12% to more than Rs 1.49 lakh crore in February.
Since the introduction of the GST, February 2023 saw the biggest cess collection, at Rs 11,931 billion.
However, the amounts collected fall short of the second-highest Goods and Services Tax (GST) mop-up, which was over Rs 1.57 lakh crore in January. In April 2022, the total revenue reached its all-time high of Rs 1.68 lakh crore.
The ministry stated in a statement that the total GST income collected in February 2023 was Rs 1,49,577 crore, of which the CGST, SGST, and IGST totaled Rs 27,662, Rs 34,915 crore, Rs 75,069 crore, and Rs 11,931 crore, respectively (including Rs 35,689 crore collected on import of goods).
The revenue for February 2023 is 13% more than the GST revenue for the same month in 2022, which was Rs 1.33 lakh crore.
Being a 28-day month, February typically sees a lower-than-average revenue collection, according to the ministry.
Source: Business Standard
According to the RBI, 50% of the Rs 2,000 notes in circulation have been returned to banks.
The Reserve Bank of India said today that 50% of the ₹ 2,000 notes available for use have returned, about 20 days after their withdrawal was reported. The worth of the notes that have been returned is ₹ 1.8 lakh crore.
RBI Lead representative Shaktikant Das expressed 85% of the notes have returned as bank stores. “We are accommodating the figures. In any case, extensively, on a temporary premise, I can express that around 85% of the 2,000-rupee notes are returning as stores into ledgers,” Mr Das said. As of Walk 31, 2,000-rupee notes worth ₹ 3.62 lakh crore were available for use.
The RBI Lead representative likewise made an allure for stay away from the latest possible moment rush in the last 10-15 days of September. The notes can be stored or traded in banks until September 30. He added that the national bank has sufficient money accessible for trade.
The worth of notes available for use had currently fundamentally descended (46% down from 2018 to 2023) even before the withdrawal. “The all out worth of these banknotes available for use declined from ₹ 6.73 lakh crore at its top as on Walk 31, 2018 (37.3 percent of notes available for use) to ₹ 3.62 lakh crore, comprising just 10.8 percent of notes available for use on Walk 31, 2023,” the national bank had said. The declaration of the withdrawal had been made on May 19. The constraint of trade or store had been set at ₹ 20,000 all at once.
The 2,000 note was introduced in November 2016 under Section 24(1) of the RBI Act, 1934, which allows the national bank to issue notes of any denomination up to $10,000, primarily to address the economy’s cash requirement “as soon as possible” after the demonetisation work out. The RBI lead representative had said before that the bank anticipates that most notes should return.
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RBI Monetary Policy LIVE Updates: The GDP growth projection for 2023-24 has been maintained at 6.5%.
Reserve Bank of India (RBI) Lead representative Shaktikanta Das said that the financial arrangement board (MPC) chose to keep the repo rate unaltered at 6.5 percent and the Standing Store Office (SDF) rate has been fixed at 6.25 percent. The national bank kept bank rates at 6.75 percent. He added that the MPC collectively consented to the withdrawal of the accomodative position to handle expansion. In the interim, the RBI additionally brought down its retail expansion projections for FY 24 from 5.2 percent to 5.1 percent.
Shaktikanta Das said that India’s Gross domestic product development is projected at 8% for Q1, 6.5% for Q2, 6% for Q3, and 5.7% for Q4. The national bank fixed India’s Gross domestic product development at 6.5% for FY2023-24.
Das likewise noticed that the Indian economy and monetary area are solid and tough in the midst of worldwide vulnerabilities as he declared the national bank’s financial arrangement council (MPC) meeting result on Thursday. He further said that expansion has directed and unfamiliar trade saves are additionally steady.
Adhil Shetty, Chief of Bankbazaar.com said: “Consider reinvesting your FDs now for more significant yields. Most banks give paces of 7% or more on select store tenors. More modest banks are at 7.5% and many little money banks are above 8%. Senior residents are being offered a premium of 25 to 75 premise focuses. Some administration banks are offering very senior residents (those over 80) extra premium”. Indian value benchmarks were exchanging higher today after Save Bank of India kept the key arrangement (repo) rate unaltered at 6.50 percent in its June every other month strategy meeting. The homegrown records exchanged the green in late morning bargains, drove by gains in banks, financials, metals and customer durables.
RBI supervisor Shaktikanta Das said that the Indian Rupee has stayed stable since January this year.
RBI Lead representative Shaktikanta Das said: “In India, Customer Value Expansion facilitated during Spring April 2023 and moved into the resistance band, declining from 6.7% in 2022-23. Title expansion, notwithstanding, is still over the objective according to the most recent information and is supposed to remain so as per our projections for 2023-24. According to our appraisal, expansion will stay above 4% all through 2023-24”.
Consequently, the Standing Deposit Facility (SDF rate) remains at 6.25% and the marginal standing facility and the bank rates stand at 6.75%: RBI Governor Shaktikanta Das pic.twitter.com/3y89RxORqI
— ANI (@ANI) June 8, 2023
Mahesh Agarwal, Public Head-Abundance at AUM Capital Business sectors said: “Taking into account the drop in CPI expansion alongside the impacts on Gross domestic product and GST kitty, we guess that the Money related Strategy Advisory group (MPC) will keep on holding the delay button. In its past approach, the MPC plainly expressed that its best course of action would rely upon information, and the most recent expansion numbers were inside the objective reach. Besides, IMD has demonstrated a typical storm, in spite of certain worries about El Nino, which will offer help to the RBI. Liquidity above 1.00 lac crores is agreeable as clear from WACR staying around 6.25%, so no worry emerging for something very similar. According to a worldwide point of view, there has been a rectification in worldwide metal costs, and oil costs are likewise taken care of, the two of which add to lessening the inflationary pattern.”
SBI report- – India’s biggest public loan specialist State Bank of India (SBI) said in a new report that it accepts the repo rate would stay unaltered while adding the national bank could bring down expansion gauges for FY24. The report likewise cited the RBI which said the respite in rates was a “transitory game plan”.
“With sizeable financial disappointments across AEs, and a fair likelihood of infection spreading across business sectors regardless of purposeful activity from strategy producers/controllers to really look at something similar, RBI’s undertaking to evade from coordinated rate climb was a bold trick, particularly since environment chance could overturn inflationary projections,” said the SBI report.
Colliers India- – Vimal Nadar, Head of Exploration at Colliers India, said that the RBI is probably going to keep repo rate unaltered at 6.5 percent and may keep on zeroing in on the withdrawal of the accommodative position to keep a beware of expansion and keep up with financial development.
Nadar said: “RBI is probably going to stay zeroed in on withdrawal of convenience and keep the repo rate unaltered at 6.5%, in a bid to continuously adjust expansion inside its objective while keeping up with development. Customer cost record (CPI) facilitated to a 18-month low at 4.7% during April 2023 drove by money related approach fixing estimates embraced during 2022, but the high recurrence markers will be firmly watched in the ongoing unstable worldwide climate”.
Signature Worldwide India – – Mark Worldwide India organizer and director Pradeep Aggarwal accepts the national bank ought to consider a strategy rate cut in the event that there is plausible to do as such.
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Realme 11 Pro Series India Launch Today:Here;s How to Watch the Livestream, Specifications, and Estimated Price
The Realme 11 Genius series is supposed to begin around Rs 20,000 in India. Realme is good to go to send off its cutting edge number series cell phones in India today. The organization is preparing to send off the Realme 11 Star series 5G gadgets in India today. The brand will send off the Realme 11 Master In addition to 5G and Realme 11 Ace 5G gadgets today. This will likewise stamp the beginning of the Realme 11 series gadget in India.
The vanilla Realme 11 is additionally expected to send off in India in the not so distant future. Nonetheless, the organization is sending off basically several Realme 11 Star series 5G until further notice. In front of the send off, Realme has proactively shared many subtleties of the gadgets on the microsite on the authority site and furthermore on Flipkart. Furthermore, the organization has previously sent off the Realme 11 series in China, and that implies we know the greater part of the subtleties of the gadget as of now. In this story, we will see more subtleties of the Realme 11 Ace series.
The Realme send off occasion will launch around early afternoon today. The occasion will be held disconnected and transferred online by means of the authority YouTube channel. Bollywood whiz Shah Rukh Khan is supposed to be important for the occasion and disclose Realme’s cutting edge cell phones. The send off occasion is known as The Following Jump occasion.
Notwithstanding the live stream, Realme will likewise push live updates on its other virtual entertainment stages, like Twitter, Instagram, and Facebook. While the genuine cost will be uncovered sometime in the afternoon during the day, breaks and reports from the beyond couple of days recommend that the Realme 11 Ace will begin at Rs 23,999 for the base variation with 8GB Smash and 256GB of stockpiling. Then again, the masterpiece, Realme 11 Expert Also, is tipped to begin at Rs 28,999.
Realme has previously affirmed the main deal date and season of the telephones. The Realme 11 Star series 5G will be accessible for buy today as a component of the early access deal. The Realme 11 Master and the 11 Ace In addition to gadgets will be accessible from 6 PM to 8 PM by means of Flipkart today. During this 2-hour deal, purchasers can get Rs 1,500 moment with the SBI card or get Rs 1,500 extra markdown on trade offers.
The USP of the Realme 11 Star series 5G is the 200MP camera arrangement on the Realme 11 Genius In addition to 5G gadget. The gadget will include a 200MP Samsung ISOCELL HP3 sensor with f/1.8 gap and backing OIS. The 200MP sensor is additionally equipped for presenting to 4x lossless zoom. A 8MP super wide point camera and a 2MP large scale sensor will go with this. Then again, the Realme 11 Expert 5G will accompany a 100MP essential camera and a 2MP full scale snapper.
The telephone is planned with the skill of Matteo Menotto, a previous Gucci Creator. The telephone is intended to stand apart from the group. The 3D couture-level crease (like a cricket ball) gives the gadget a more practical, premium and special look.
Realme is one of the forerunners in the quick charging tech on cell phones presenting to 150W charging speed on telephones. Presently, with the Realme 11 Master series, the organization is likewise offering noteworthy charging speeds. The two telephones will accompany an enormous 5,000mAh battery. The Realme 11 Ace In addition to will offer 100W quick charging , while the 11 Star will uphold 67W quick charging.
The Realme 11 Star series telephones will have a 6.7-inch Full HD+ AMOLED screen with 1080×2412 goal, 360Hz touch inspecting rate, 120Hz screen revive rate, and 93.65%. The two gadgets additionally pack in an in-show finger impression scanner.
As far as availability choices, the Realme 11 Star series gadgets will accompany support for double 5G SIM, Wi-Fi 6, and Bluetooth 5.2. Both can shoot up to 4K recordings on the back camera. In view of the China send off, here are the other specs of the gadgets.
As far as specs and elements, the Realme 11 Expert series seems to be a decent leap from the last gen, with upgrades in practically every one of the divisions. The valuing is additionally expected to surpass Rs 25,000 for the top-end model.
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