January GST Revenue At Record High Of Rs 1.2 Lakh Crore Ahead Of Budget

Goods and services tax or GST revenue collected in January stood at Rs 1.19 lakh crore, the finance ministry said on Sunday, in a record figure a day before the government unveils the country's annual budget.

Finance Minister N Sitharaman is all set to present the Union Budget for FY2021-22 on February 1, 2021 and the auto industry, the two-wheeler sector in particular is looking for some support from the government for the coming year.

Electric vehicle manufactures are seeking extension of the FAME-II scheme, lower GST and import duty cuts to accelerate growth of the segment.

Budget 2021: Individual taxpayers and the middle-class expect reduced GST rates in various sectors, and increased deduction for the interest on home loans from the taxable income

Budget 2021: The government should provide financing options, reduce GST on raw materials, reduce duties on lithium ion cell batteries, which may boost the sales of electric vehicles, according to Brickworks Ratings

Budget 2021: Experts believe that COVID cess may be made applicable to higher income brackets individuals or business with specified turnovers

Budget 2021: Cuts in GST rates, suspension of basel norms for three years, and measures to increase foreign investments are some demands which experts seek for the startup industry

Budget 2021: While the government had given signals of the GDP allocation towards the sector to be at six per cent of GDP, experts demand that the allocation should increase to 10 per cent

Union Budget 2021: Mumbai-based HDFC Securities has also recommended that the government should propose a reduction in Goods and Services Tax (GST) on smaller cars to 18 per cent

The Union government had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in revenue

Budget 2021: The government should reduce the import duty on gold and goods and GSTto seven percent to boost gold trade, stated Ahammed MP, Chairman, Malabar Gold and Diamonds

Budget 2021: The government had offered Rs 25,000 crore stress asset fund for the uncompleted housing projects, increasing the differential from 10 to 20 per cent under Section 43(CA) till June 30, 2021

Congress leader Rahul Gandhi on Saturday said his party is committed to reconceptualising the Goods and Services Tax (GST) regime if voted to power at the Centre and assured ushering in ''one tax, minimum tax."

Taking a dig at Congress leader Rahul Gandhi after he said the United Progressive Alliance (UPA) will restructure Goods and Services Tax (GST) after coming to power, Minister of State for Home Affairs G Kishan Reddy on Sunday called the Wayanad MP an ''outdated'' politician, and said UPA will not come to power in his lifetime.