GST Mop-Up Slips 40-Month Low In September

NEW DELHI, Oct 2: India gross Goods and Services Tax collection growth in September reached a 40-month low of 6.5%, resulting in revenues of Rs 1.73 lakh crore, while the net collection, after adjusting refunds, grew merely 3.9%, slowest so far in the current fiscal year.

The September mop-up is about 1% less than what it collected in the preceding month, while on a net basis, it's 1.5% higher than August receipts of Rs 1.53 lakh crore, according to the government's provisional data released on Tuesday.

In the current fiscal, the government has so far mopped up a gross GST revenue of Rs 10.87 lakh crore, which is 9.5% higher as against the April-September period of last year. On a net basis, the collection is Rs 9.6 lakh crore.

In September, refunds amounting to Rs 20,458 crore were issued, representing a 31% increase compared to the same month last year. According to the experts, the GST receipt.

Swiss authorities freeze $310 million of Adani Group for money laundering, securities forgery investigation: Report

GENEVA, Sept 13: US-based activist short seller Hindenburg Research LLC said that Swiss authorities have frozen over $310 million in funds across multiple Swiss bank accounts as part of an investigation into the Adani group on a post on X (Formerly Twitter) on September 12, 2024, citing a news report by Swiss media outlet Gotham City. It couldn't independently verify the information contained in the report.

The Swiss authorities have been allegedly conducting a money laundering and securities forgery investigation of the Adani Group since 2021, well before the first Hindenburg report on Adani titled, ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History,’ came out in January 24, 2023, according to the Gotham City report, which cited a Swiss Federal Criminal Court (FCC) ruling.

The Adani Group in its media statement, denied all the allegations in the news report.

"The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority," the group's spokesperson stated, calling the allegations “preposterous, irrational, and absurd.”

"We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group's reputation and market value," the statement read.

“Furthermore, even in the alleged order, the Swiss court has neither mentioned our group companies, nor have we received any requests for clarification or information from any such authority or regulatory body. We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws.”

A frontman representing Adani invested in opaque funds located in British Virgin Islands/Mauritius, and Bermuda, all of which almost exclusively owned Adani stocks, Hindenburg quoted the news report as saying.

The report further stated that more than $310 million of the frontman had been kept in six Swiss banks, which have all been frozen now.

GST revenue growth in slow lane

NEW DELHI, Sept 2: The growth in Goods and Services Tax (GST) collection has started showing signs of moderation with gross collections in August 2024 rising by 10 per cent to Rs 1.75 lakh crore compared to Rs 1.59 lakh crore in the same month the previous year.

In July 2024, the gross collection increased by 10.3 per cent while in August 2023, gross GST collections rose by 11 per cent.

The slowdown in the net GST collection was even more prominent, with the August collection rising by a mere 6.5 per cent to Rs 1.50 lakh crore. This is on account of a 38 per cent increase in refunds. In July, the net GST collection was up 14.14 per cent.

In FY24, gross collections grew by 11.65 per cent, while in the previous year, the collections rose by 21.5 per cent. This year till August (April-August 2024), the gross GST revenue has only grown by 10 per cent.

The deceleration in GST collection may reflect moderation in economic activities as was evident from the first quarter GDP numbers, which came lower at 6.8 per cent compared to 8.2 per cent in the year-ago period.

On a gross basis, revenue from domestic transactions in August 2024 increased by 9.2 per cent to Rs 1.25 lakh crore while revenue from imports increased by 12per cent to Rs 49,900 crore, thus imports accounting for 28.5 per cent of the gross collections during the month.

Of the total Rs 1.74 lakh crore gross collection, Rs 30,862 crore was collected as Central GST, Rs 38,411 crore as State GST and Rs 93,621 crore as Integrated GST. An amount of Rs 12,068 crore was collected as Cess.

The moderation in GST revenue growth could also be on account of large states like Tamil Nadu (7 per cent), Gujarat (6 per cent), Bihar (8 per cent), Rajasthan (5 per cent) and West Bengal (6 per cent) showing single-digit growth. Among larger states, Andhra Pradesh reported a 5 per cent decline in collection.