Mission mode vaccinations and frontloading fiscal measures key to India s recovery: Finance Ministry
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This would help in achieving herd immunity, defined as 75-80% of the population aged 18 and above, which in turn would boost consumer and producer confidence and reinvigorate the engines of economic growth, the ministry said.
Agencies
The ministry noted that there was a sequential slackening in a host of indicators in May ranging from the output of eight core industries and auto sales to the services purchasing managers’ index and Goods and Services Tax (GST) collections.
Mission mode vaccination and frontloading of fiscal measures planned in the budget hold the key to India’s invigorating investment cycle, a finance ministry report said Wednesday, warning that the second wave of pandemic has posed a downside risk to recovery.
Updated:
June 09, 2021 22:13 IST
The GST Council, that met on May 28, had formed a Ministerial group to review demands for slashing the tax rates or exempting COVID-19 supplies from the GST regime.
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First step: A group of Ministers has submitted a report to Ms. Sitharaman on exempting COVID supplies from GST. REUTERS
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REUTERS
The GST Council, that met on May 28, had formed a Ministerial group to review demands for slashing the tax rates or exempting COVID-19 supplies from the GST regime.
The BJP-ruled Uttar Pradesh government is in favour of reducing the Goods and Services Tax (GST) levied on COVID-19 essentials to minimise the costs borne by people to cope with the pandemic, State Finance Minister Suresh Kumar Khanna said on Wednesday.
GST revenue in May 2021 stood at Rs 1,02,709 crore, said the finance ministry
The gross goods and services tax (GST) revenue collected in May 2021 stood at Rs 1,02,709 crore, holding the Rs 1 lakh crore mark for the eighth month in a row, said the Ministry of Finance in a statement released on Saturday. However, on a month-on-month basis, GST revenue collection declined in May from the all-time record high mark of Rs 1.41 lakh crore registered in April 2021. Out of the total gross GST revenue of Rs 1,41,384 crore, the central goods and services tax (CGST) stood at Rs 17,592 crore, while state good and services tax (SGST) stood at Rs 22,653. (