GST collection hit a record-high in April 2021, but there is a catch. Details here
GST collection hit a record-high in April 2021, but there is a catch. Details here
GST revenue collection in April 2021 hit a record high of Rs 1.41 lakh crore. After the data was released, the government said the economy continues to be robust despite the ongoing Covid-19 second wave. But is the April GST figure a sign of economic resilience during the ongoing Covid crisis? Here is all you need to know.
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UPDATED: May 10, 2021 14:35 IST
GST revenue collection in May is likely to fall sharply as most states have imposed stricter lockdowns to prevent further spread of Covid-19. (Photo: PTI/Representational image)
WTO countries should immediately finalise text on patent waiver for COVID-19 treatment: Experts
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Last Updated: May 06, 2021, 04:56 PM IST
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The agreement on Trade-Related Aspects of Intellectual Property Rights or TRIPS came into effect in January 1995. It is a multilateral agreement on intellectual property (IP) rights such as copyright, industrial designs, patents and protection of undisclosed information or trade secrets.
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With the US backing an initiative by India and South Africa at the World Trade Organization to temporarily waive patent rules on COVID-19 vaccines, experts on Thursday suggested the member countries of the WTO to immediately start negotiations on the text to finalise the proposal as coronavirus infections are increasing. In October 2020, India and South Africa submitted a proposal suggesting a waiver for all WTO members on the implementation, application and enforcement of certain provisions of the TRIPS agree
Vaibhav Bhardwaj joins Indus from SAM
IndusLaw has added yet another lateral hire partner with employment law principal associate Vaibhav Bhardwaj joining the firm in Delhi.
The 2008 GGSIPU graduate was previously at Shardul Amarchand Mangaldas since 2015, most recently as a principal associate.
He is the third partner to join
IndusLaw‘s employment law practice and the
52nd partner overall.
Founding partner Avimukt Dar commented: “Employment law has been a focus area for the firm and has evolved to become a strong national practice of three partners including Vaibhav.”
“We are confident that the energy he brings to the team, coupled with his keen intellect, will help us serve our clients even better”
The Goods and Services Tax collections in April touched an all time high of over Rs 1.41 lakh crore. However, analysts expect collections to fall in the coming months because of regional lockdowns in the country.
The revenues for the month of April 2021 are 14 per cent higher than Rs 1.23 lakh crore collected in March, the finance ministry said on Saturday. During the month, revenues from domestic transactions (including import of services) are 21 per cent higher over the last month.
M.S. Mani, senior director, Deloitte India, said: “The all-time high collections which relates to supplies made in March 21 could now give way to muted collections in the coming months because of lower economic activity in April. The continuing focus on improving compliance and the steps taken to curb evasion have significantly helped the GST collections.”
The goods and services tax (GST) collections touched a record high at Rs 1.41 trillion in April, surpassing the Rs one trillion mark for the seventh straight month in a row during 2020-21. The mop up is higher than the previous record of Rs 1.24 trillion in March. These GST figures pertain to transactions in March, but collected in April. Hence, do not capture the impact of surge in lockdown instances in April across the country due to the deadlier second wave of coronavirus. However, the high growth trend is unlikely to sustain as the impact of economic activity disruption in April will reflect in May collections.