India collected 1.3 trillion rupees from the GST in October: the fourth month in a row, revenues exceeded one trillion rupees, prompting the government to declare the economic recovery stable. More information on this story in our main titles.
GST collection in October up 24% to Rs 1.3 trillion, second highest on record
The goods and services tax (GST) collected in October rose to 1.3 trillion rupees, 24% more than the same period a year ago, and 36% more than the levy of the pre-Covid year 2019-2020.
This is the second highest collection since the introduction of the new indirect regime in 2017. The highest all-time collection figure exceeded Rs 1.40 trillion in April this year.
The Ministry of Finance expects the positive trend to continue and the second half of the year to show higher incomes. He said the steady increase in collection over the past five months indicates the economy is recovering faster. Read more
Auto sales skid on supply chain issues; Tata Motors, M&M buck trend
Major automakers Maruti Suzuki and Hyundai saw double-digit sales decline in October due to the global semiconductor shortage affecting production.
Kia India, Honda Cars and MG Motor also saw lower shipments last month compared to October 2020.
However, companies like Tata Motors, Mahindra, Nissan and Skoda managed to post positive numbers last month despite supply chain challenges. Read more
Beauty startup Nykaa’s IPO draws nearly $ 33 billion in offers
The initial public offering of Indian fashion e-commerce platform Nykaa, backed by TPG, attracted bids worth $ 32.55 billion, as it was oversubscribed nearly 82 times on Monday, reporting strong investor demand for the country’s latest startup to pursue a national stock market listing.
FSN E-Commerce Ventures, the company that owns the Nykaa brand, valued the IPO at Rs 53.52 billion in a range of Rs 1,085 to Rs 1,125 per share, giving it a valuation of up to Rs. 7. , $ 11 billion. Read more
The government asks ONGC to sell 60% of the capital of two oil fields to foreign companies
The Ministry of Petroleum has asked ONGC to cede 60% of its stake and operating control of India’s largest oil and gas production fields at Mumbai High and Bassein to foreign companies, according to a letter from the October 28 addressed to the Crown corporation. Read
Steel companies raise prices up to Rs 3,500 per tonne as input costs fall
Steel companies have increased their prices by Rs 2,000 to Rs 3,500 per tonne this month due to pressure on input costs.
After a reprieve between July and September, domestic steel prices began to rise in October with an increase of Rs 1,200 to Rs 1,500 per tonne in the first week for hot-rolled coils (HRC), a reference for flat steel. Prices for long steel have increased by around Rs 3,000 per tonne.
The main reason for this increase is the increase in the cost of inputs. Read more