New Delhi: With the Goods and Services Tax (GST) stabilising, Union finance minister Piyush Goyal said that collections from the new indirect tax is expected to exceed Rs 13 lakh crore in FY19 and with increased revenues there will be further scope to rationalise the tax rates.
“I assure you that average monthly GST collection will cross Rs 1.10 lakh crore … I feel more than Rs 13 lakh crore revenue will come from GST this fiscal,” said Mr Goyal.
The Centre on Sunday celebrated the first anniversary of GST roll out on July 1, 2017, as “GST Day”.
Mr Goyal said that historically the three month from April to June are lean periods of tax collection. In the earlier indirect tax regime 7.1 per cent of taxes used to get collected in the three months. “So, 94,000 crore collection is music to my ears,” he said.
“The more people get into the honest and transparent system and with the success of e-way bill system, we will be in a better position to rationalise tax slabs. The different rate slabs were kept after considering the social structure of the nation…. Is it proper to tax luxury cars and items of common items used by poor people?” Mr Goyal said.
He said that Dr Ambedkar stitched the nation through the Constitution, Sardar Patel bonded the fragmented nation geographically, now GST has transformed the country into an economic union as ‘One Nation, One Tax, One Market’.
The minister also asked finance secretary Hasmukh Adhia to look into the option of allowing composition scheme dealers to file returns yearly, instead of quarterly at present.
Union minister Arun Jaitley who addressed the gathering through a video link said that the roll out of GST has not been disruptive in the last one year.
“The smooth manner in which the changeover has taken place is almost unprecedented anywhere in the world,” he said.
Air India to start new domestic and international flights from next month
New Delhi: Air India on Wednesday announced that various new flights would begin from next month on domestic as well as international routes in order to meet heavy demand of seats during the summer vacation.
The national carrier said it will offer additional 3,500 seats per week on Mumbai-Dubai-Mumbai route from June 1.
Moreover, it will offer additional 3,500 seats per week on Delhi-Dubai-Delhi route too from June 2 by operating two new flights using its B787 Dreamliner aircraft.
“The airline will offer one way Economy class promotional fare of Rs 7777 (all inclusive) from both Delhi and Mumbai to Dubai for sale and travel up to July 31, 2019,” Air India said in a statement.
On its domestic front, Air India said it will introduce new flights on Bhopal-Pune-Bhopal route and Varanasi-Chennai-Varanasi route from June 5.
“The number of flights on Delhi-Bhopal-Delhi will be increased from present 14 flights per week to 20 flights per week by introducing third frequency to the historical city of Tals,” the statement added.
The national carrier would be increasing its flights on Delhi-Raipur-Delhi route from existing seven flights per week to 14 flights per week.
According to Air India, the number of flights per week would be increased on routes such as Delhi-Bengaluru-Delhi, Delhi-Amritsar-Delhi, Chennai-Ahmedabad-Chennai and Chennai-Kolkata-Chennai.
The flights per week would also be increased on Delhi-Vadodara-Delhi route and Mumbai-Vizag-Mumbai route, the statement added.
Sensex gains 140 pts ahead of election outcome
Mumbai: The benchmark BSE Sensex jumped 140 points Wednesday, driven by gains in banking and auto stocks ahead of the general election results.
After swinging over 300 points during the day, the 30-share index ended 140.41 points, or 0.36 per cent, higher at 39,110.21. The gauge hit an intra-day high of 39,249.08 and a low of 38,903.87.
In similar movement, the broader NSE Nifty rose 28.80 points, or 0.25 per cent, to 11,737.90.
IndusInd Bank was the biggest gainer in the Sensex pack, rallying 4.84 per cent, followed by Sun Pharma, Bajaj Auto, Bharti Airtel, Coal India, Tata Motors, SBI, ICICI Bank, Hero MotoCorp, ONGC, HDFC, Vedanta, L&T, Kotak Bank, Maruti and Axis Bank, ending up to 2.92 per cent higher.
On the other hand, Yes Bank, ITC, PowerGrid, TCS and HUL ended in the red, slipping up to 2.34 per cent.
According to experts, investor sentiment turned positive this week after most exit polls forecast a win for the Narendra Modi-led NDA. The results of the seven-phased polls will come out Thursday.
Unabated foreign fund inflows too buoyed market mood here, traders said.
Foreign institutional investors net bought equities worth Rs 1,185.44 crore on Tuesday, while domestic institutional investors sold shares to the tune of Rs 1,090.32 crore, provisional data available with stock exchanges showed.
Meanwhile, the Indian rupee appreciated marginally to 69.68 against the US dollar.
Brent crude, the global benchmark, was trading at USD 71.72 per barrel, higher by 0.64 per cent.
Globally, bourses in Asia ended on a mixed note, while those in Europe were trading in the green in early deals.
Database inadvertently exposed but did not include personal data: Chtrbox
New Delhi: Mumbai-based Chtrbox, which was allegedly responsible for leaking data of millions of Instagram users, has said database for a limited number of influencers was inadvertently exposed but that did not include any sensitive personal data.
The company termed the reports of private data being leaked as “inaccurate” and acknowledged that “a particular database for limited influencers was inadvertently exposed for approximately 72 hours”.
“This database did not include any sensitive personal data and only contained information available from the public domain, or self reported by influencers,” it said in a statement late Tuesday night.
On Tuesday, Facebook-owned Instagram said it is investigating whether a third-party – Chtrbox – improperly stored its user data in violation of its policies after reports that information of millions of users being available online allegedly in an unsecured database emerged.
These reports said the database found online – with over 49 million records – contained information of millions of Instagram influencers, celebrities and brand accounts. The database was allegedly traced back to Chtrbox.
The reports had said apart from public data (like bio, profile picture and number of followers), the database also allegedly contained users’ private contact information such as email address and phone number.
An Instagram spokesperson had said the company is “investigating whether a third party improperly stored Instagram data, in violation of our policies. It’s also not clear whether the phone numbers and e-mails in Chtrbox’s database came from Instagram”.
Chtrbox, in its statement, asserted that no personal data has been sourced through unethical means by the company.
“Our database is for internal research use only, we have never sold individual data or our database, and we have never purchased hacked-data resulting from social media platform breaches. Our use of our database is limited to help our team connect with the right influencers to support influencers to monetize their online presence, and help brands create great content,” it added.
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