GST Collection Crosses 1 Lakh Crore Since February

GST collection crosses 1 lakh crore for the first time since February, 1.05 lakh crore in October.

The GST collection in October has been more than 1.05 lakh crore, the collection for the first time since February has crossed 1 lakh crore. The Finance Ministry gave this information on Sunday.

The Goods and Services Tax (GST) collection fell psychologically to a low of 1 lakh crore due to the economic activity being halted by the lockdown enforced due to Corona.

Gross Goods and Services Tax (GST) revenue for the month of October 2020 is 1,05,155 crores, including CGST, 19,193 crores, SGST 25,411 crores, IGST 52,540 crores (Rs. 23375 crores collected on imports), and cess 8,011 crores.

The total number of GSTR-3B returns as of 31 October 2020 is 80 lakhs. The GST collection in September was Rs 95,480 crore.

The total revenue earned after regular settlement by the Central Government and the State Governments in October 2020 is 85 44,285 crores for CGST and 39 44,839 crores for SGST.

The revenue for this month is 10% higher than the GST revenue in the same month of last year.

In addition, revenue from the import of goods was 9% higher and revenue from domestic transactions (including import of services) was 11% higher than the revenue from these sources during the same month last year.

Bank of Baroda reduced the repo rate linked interest rates by 0.15%, new rates will be applicable from today

Bank of Baroda (BoB), the third-largest public sector bank, reduced the repo rate linked loan interest rate (BRLLR) from seven percent to 6.85 percent. These new rates of the bank will come into effect from November 1, 2020.

Harshad Kumar T. Solanki, the bank’s general manager (Rehan and other retail lending business).

He said in a statement on Saturday that this would benefit customers of housing loans, mortgage loans, car loans, education loans, personal loans, etc.

Earlier, in view of the festive season, the bank offered discounts on housing and car loans.

After the reduction of BRLLR, the interest on housing loan will start from 6.85 percent and on car loan 7.10 percent, on other mortgage loans 8.05 percent and 6.85 percent on education loan.

ICICI Bank’s net profit increased six-fold in the second quarter

ICICI Bank’s net profit increased more than six times in the quarter ended September 30 on a single basis to Rs 4,251 crore. The bank had reported a net profit of Rs 655 crore in the same quarter of 2019-20.

The private sector bank informed the stock market on Saturday that its single-year operating income stood at Rs 23,650.77 crore during the review period.