Month: August 2021

Tough to predict loan growth this fiscal till October: Chandra Shekhar Ghosh, CEO, Bandhan Bank

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Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank

A third wave of Covid-19 would be a challenge for microfinance customers and would defer some of their loan demands, according to Chandra Shekhar Ghosh, managing director and CEO of Bandhan Bank. Ghosh tells Mithun Dasgupta that during the first quarter of this fiscal, the bank’s average loan size for microfinance customers declined compared to same period last fiscal. Edited excerpts.

During the first quarter this fiscal, Bandhan Bank’s Emerging Entrepreneurs Business (EEB, erstwhile microbanking segment) portfolio grew 12% year-on-year. Going forward, what is the loan growth scenario in this segment?
During the first Covid-19 wave in the last financial year, [there was business growth] in the fourth quarter … around 20% year-on-year. In this financial year, though the second wave was more severe than the first, we have [seen] this kind of growth during the first quarter. If [there is no third wave] in the current quarter, loan growth will not be very different from that of last year. If the third wave comes during this period, it would be a challenge for customers and it would defer some of the loan demands. Because … business owners can absorb two challenges, but would be scared if they continue to face more. I feel that until Durga Puja [in October], it would be tough to comment on loan growth in this financial year. But we are very positive on the basis of the current situation.

Are you providing fresh loans to new microfinance customers? And, what about the average loan ticket size?
As a bank we cannot say no to [a new customer]. But during the pandemic, fresh lending to new customers is not happening as much as in normal times. Now, we have stricter lending criteria for new customers. During the first quarter, average loan size came down compared to same period last fiscal.

In the EEB segment, collection efficiency for Q1FY22 stood at 86%, excluding NPA. What is the situation now?
If you see our total collection amount and demands for EEB portfolio, actual collection efficiency stood at 98%. That means customers who have arrears have also started repaying the amount. It is a good sign for the bank. Collection efficiency will improve day by day with the help of customers. We hope it will normalise soon.

In the first quarter this fiscal, gross slippages stood at Rs 1,661 crore, out of which Rs 1,036 crore were from the EEB portfolio. As the bank saw gross slippages come down quarter-on-quarter, do you expect them to reduce further in the second quarter?
We cannot predict slippages for Q2, given the current situation. If some slippages happen, it would not be a cause for worry for our bank when I see the collection efficiency increasing. In the first quarter, we saw around 74% and 84% of our NPA customers and restructured customers, respectively, were paying.

At the end of Q1FY22, the bank’s collection efficiency in Assam stood at 67%. Has it improved since then?
Assam is very different today. When the entire country is open, mainly Assam and Kerala are in complete lockdown. Assam is experiencing a severe second Covid-19 wave and many districts are totally closed. We have no loan exposure in Kerala.

What is the update on the special one-time relief announced by the Assam government to microfinance borrowers?
The state government have very clearly announced that it is not a debt waiver and emphasised the importance of maintaining good credit discipline. That is a very strong and positive message to customers. The government, however, has not mentioned the timeline for implementing the scheme. We are waiting for that. I hope that the government is working on it.

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Insurers have settled about 6 out of 10 Covid claims so far

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The settlement of Covid-related health insurance claims is hovering around 60 per cent of the total claims made so far.

According to the latest industry data, as on July 19, 2021, total reported claims stood at ₹27,640 crore, of which, only claims worth ₹16,396 crore have been settled.

On an average, the settled amount ranges between 55 per cent and 65 per cent of the claim .

In the first wave of the pandemic (up to February 22, 2021), insurers reported claims worth ₹13,736 crore, of which ₹7,125 was settled. In the second wave – from February 23 to July 19 – general and standalone health insurers received claims worth ₹13,905 crore, of which ₹9,271 crore has been settled.

When contacted, the chief of a private general insurer said: “Settlement of Covid claims has been a challenge as most customers tend to claim much higher than what they are eligible for under various schemes.

“In some cases, claims are not supported by valid documents. In very few cases, we have detected fake documents, including Covid certificates.”

Intensity of second wave

The intensity of the second wave of the pandemic is also testified by the number of claims.

“The number of claims we received during the few months of the second wave are higher than the claims reported during the entire first wave of Covid-19,” said Sanjay Datta, Chief – Underwriting & Claims, ICICI Lombard said.

According to TA Ramalingam, Chief Technical Officer, Bajaj Allianz General Insurance, Covid claims constituted 45 per cent of the overall health claims during the first quarter of the current fiscal compared to 7 per cent in the same period last year.

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₹8,000 crore quantum tech fund awaits budgetary approval

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The ₹8,000 crore quantum technologies fund may get further delayed as the project is yet to get budgetary approval. Announced by the Union Budget in February 2020, the National Mission on Quantum Technologies and Application (NM-QTA) was expected to be launched this month.

“The current status of the project is that it is under processing for approvals and allocation of budget,” Dr KR Murali Mohan, Scientist-G & Head, Frontier & Futuristic Technologies Division, Department of Science and Technology (DST) said while responding to queries from BusinessLine.

Funding

NM-QTA is seeking to dole out ₹8,000 crore in funding to uplift research and entrepreneurship in the quantum ecosystem. The mission aims to focus on four key areas — quantum communication, quantum simulation, quantum computation, and quantum sensing and meteorology.

NM-QTA was in the process of getting final approvals for this project from several ministries including The Ministry of Electronics and Information Technology, Defence Research and Development Organisation, Indian Space Research Organisation among others. These approvals seem to be complete.

“In the last few months, several Ministries have also finalised their activities and participation in the Mission including ISRO, DRDO, MeitY, CSIR, etc. This would bring even greater synergies and muscle to the Mission,” Mohan said.

Selection of projects

The detailed project report, outlining the core strategies behind how this budget will be spent, still remains under wraps. However, he said that the mission is a pan-India one and selection of projects and disbursement of the funds would be carried out on merit and competitive basis through open calls with transparent mechanisms.

According to Abhishek Chopra, Founder & CEO of BosonQ Psi, a quantum computing SaaS-based enterprise, funding from the government for burgeoning quantum technologies is necessary.

“At the moment, investor interest in quantum technologies, especially quantum computing is very limited. Quantum technologies are treated as the technology of tomorrow out of science fiction. In this scenario, it becomes hard for start-ups to invest into core R&D and hire immerse tech talent that India has to offer.”

“India has some of the greatest technological minds and has already missed out on key global technological waves ushering in a new era of computing technology. It can be one of the global leaders here and it is important that they capitalise on this now,” he said.

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Videocon’s Venugopal Dhoot moves NCLAT; says Twin Star Technologies’ offer too low

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Videocon group’s former promoter Venugopal Dhoot has moved the National Company Law Appellate Tribunal (NCLAT) against the decision of the lenders to accept the debt resolution proposal from a Vedanta group entity. Dhoot has claimed that the offer made by Twin Star Technologies was too low.

Banks will take a ₹42,000-crore haircut after the Mumbai Bench of the National Company Law Tribunal (NCLT) approved a bid by Anil Agarwal-backed Twin Star Technologies to acquire Videocon Industries for ₹2,962 crore. Claims worth ₹46,000 crore had been admitted under the insolvency process that began in December 2017.

NCLT expresses surprise

The NCLT, while approving the debt resolution plan, had expressed surprise that the bid placed by the Vedanta Group for acquiring 13 companies under the Videocon Group was almost the same value arrived at by the registered valuers for liquidation.

According to the valuation reports, the fair value of the Videocon group was ₹4,069.95 crore while the liquidation value was ₹2,568.13 crore. Twin Star Technologies has offered ₹2,962.02 crore to acquire Videocon

Dhoot had earlier promised to repay about ₹30,000 crore for taking back control of the conglomerate under Section 12 A of the Insolvency and Bankruptcy Code, which allows the withdrawal of the debt resolution proceedings under NCLT if the majority of the lenders agree to it.

But the offer by the Dhoot family entailed repayments until 2035, which was not acceptable to many banks on Videocon’s Committee of Creditors (CoC).

Promoters’ attempts

Dhoot’s fresh attempt to block the sale of Videocon assets comes at a time when several other promoters are also trying to do the same. For example, Kapil Wadhawan has also approached the Supreme Court claiming rights to bid for DHFL.

C Sivasankaran has also offered to take back control of Siva Industries by paying less than 7 per cent of the total outstanding debt.

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IPs to face penalty for non-compliances

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Insolvency regulator IBBI has come up with a novel step to ensure Insolvency Professionals ( IPs) better discharge their duties and at the same time help distinguish the performers and non-performers amongst them. It has come up with a graduated system of levy of monetary penalty for minor non-compliances by the IPs.

For this purpose, the Insolvency & Bankruptcy Board of India (IBBI) has now directed the three Insolvency Professional Agencies (IPAs) to amend their bye-laws so as to provide maximum and minimum monetary penalty for certain non-compliances by IPs registered with such agencies.

Till date, there are three IPAs registered with the IBBI. These are ICSI Institute of Insolvency Professionals, Indian Institute of Insolvency Professionals of ICAI and Insolvency Professional Agency of Institute of Cost Accountants of India.

Monetary penalty

The IPAs have now been directed to provide for the maximum and minimum monetary penalty in the interest of objectivity and uniformity. The penalty will be imposed where the Disciplinary Committee of the IPAs decides to impose such penalty on its professional members.

As many as 14 contraventions have now been listed out by the IBBI in a circular along with the minimum and maximum penalty that can be imposed.

The contraventions include failure to submit disclosures, returns etc. to IPAs or incorrect disclosures, returns relating to any assignment as required under IBC (penalty of upto ₹1 lakh or 25 per cent of fee, whichever is higher, subject to a minimum of ₹50,000); accepting an assignment having conflict of interest with stakeholders (upto ₹ 2 lakh or 25 per cent of fee, whichever is higher, subject to a minimum of ₹1 lakh), etc.

Experts’ views

Ashok Haldia , Chairman of Indian Institute of Insolvency Professionals of ICAI, said “Prescription of a graduated system of monetary penalty for minor non compliances is welcome as it would bring in objectivity and uniformity in dealing with cases within an IPA and across all the IPA. It differentiates between non compliances and violations.”

Abhishek Saxena, Co-founding Partner, Phoenix Legal, said this marks a welcome step to ensure better diligence and integrity in the system.

Nakul Sachdeva, Partner, L&L Partners, said “The circular would lead consistency in the quantum of penalty imposed”.

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Top 6 Best Monopoly Company Stocks in India

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IRCTC

The Indian Railway Catering and Tourism Corporation (IRCTC), which was founded in 1999, is the only entity permitted to sell railway tickets through both online and offline channels. It is the only company in the entire railway network that is permitted to sell water bottles. It is the only catering firm allowed to operate on Indian railways. Friends, as more people become engaged in travel, they will be in high demand in every area, including online tickets, water bottles, catering services, including internet catering, and the railway network’s chain of cafes and restaurants.

Because it is the sole entity that operates Indian railways, IRCTC has monopoly power. Investors flocked to the public offering when it was announced. The stock delivered 74.22% in a year, 59.87% in six months, 14.70% in a month.

For the past three years, the company has shown a good profit growth of 35.03 percent and the company has maintained a respectable ROE of 33.38 percent. With a healthy interest coverage ratio of 103.47, the company is in good shape.

  • Share Price: Rs 2,331.30
  • Market Cap: Rs 37,300.80 Crore

CDSL

CDSL

CDSL (Central Depository Services limited). When you trade assets (such as stocks, bonds, ETFs, mutual funds, government securities, treasury bills, and so on), CDSL keeps track of your holdings and transactions in dematerialized form. In India, there are just two such companies: NSDL and CDSL. CDSL is preferred by many brokers over NSDL. The one reason is that it has 30% lower rates than NSDL.

CDSL is the market leader in this industry, with a market share of 59 percent. With three-year ROE of 14 percent and a healthy ROCE of 20.18 percent. The stock delivered 293.77% in a year, 172.77% in six months, 35.75% in a month.

  • Share Price: Rs 1,331.45
  • Market Cap: Rs 13,913.65 Cr.

CAMS

CAMS

CAMS (Computer-Age Management Services) assists mutual funds with report maintenance, data administration, and registration and transfer agent services (RTA). CAMS has a 70% market share and a market capitalization of Rs 13800 crore. In the last five years, the mutual fund business has grown significantly. Four of the top five mutual funds are among CAMS’ mutual fund clients. CAMS has a distinct advantage because the entry barrier to this market is quite high, and replacing the company is extremely tough.

The stock delivered 133.8% in a year, 82.three% in six months, 17.31% in a month, and zero.

  • Share Price: Rs 3,360.00
  • Market Cap: Rs 16,311.39 Crore

IEX

IEX

The Indian Energy Exchange is the country’s major electricity exchange. It’s an online marketplace where buyers and sellers of electricity can exchange. It improves the electricity market’s accessibility and transparency, as well as the speed and efficiency with which trades are executed. The amount of spot power traded on the exchange is steadily increasing. As the pandemic fades, the country’s electricity demand continues to rise. However, this is another company that may be bought on the cheap for a long-term investment.

The company’s net profit climbed by 49.23% year over year, from Rs 42.1 crore to Rs 62.8 crore. The revenue grew every year, from Rs 257 crore in fiscal FY2021, to Rs 318 crore in fiscal FY2021. The stock delivered 145.43% in a year, 74.12% in six months, 13.26% in a month.

  • Share PRice: Rs 431
  • Market Cap: Rs 12,910.89 Crore

CONCOR

CONCOR

Indian Railways’ Container Corporation of India Limited is a totally owned subsidiary. CONCOR was founded in March 1988 under the Companies Act and began operations in November 1989, taking over Indian Railways’ existing network of seven inland container facilities. CONCOR (Container Corporation of India Limited) is a navratna firm owned by the Indian government, with promoters owning 54.8 percent of the company. It also constructs, maintains, and restores shipping containers. Conquer has its own terminals at 61 sites, making it a market leader in the transportation and logistics industry. The stock delivered 42.50% in a year, 41.82% in six months, -6.27% in a month.

  • Share Price: Rs 643.95
  • Market Cap: Rs 39,232.46 Crore

Multi Commodity Exchange of India

Multi Commodity Exchange of India

India’s first commodities derivative exchange is the Multi Commodity Exchange. It enables commodity derivative trades to be traded online. A wide selection of commodities can be traded with an MCX trading account. With a market share of over 92 percent in India’s commodities exchange sector, MCX has a near-monopoly.

The average daily turnover of commodities futures contracts climbed by 21% to Rs 28,031 crore in Q1FY2022, compared to Rs 23,129 crore in the previous year. In Q1FY2022, the company made a combined net profit of Rs 39.80 crore. The net profit CAGR for the last three years is 27.6 percent, which is impressive. The stock delivered -3.79% in a year, -0.15% in six months, 5.52% in a month.

  • Share Price: Rs 1,603.25
  • Market Cap: Rs 8,176.31 Crore

Conclusion

Conclusion

The stocks listed above are only intended to give you a general picture of what monopoly stocks in India are like. HAL, ITC, Pidilite, and Asian Paints are some of the other monopoly company stocks. Please conduct a fundamental and technical stock analysis before selecting these stocks for investment. This market structure, however, has some disadvantages. Due to a lack of competition in the industry, monopolists frequently operate inefficiently. Furthermore, price differentiation may be harmful to customers. Finally, before making any investments, speak with a financial counselor.



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Stocks To Buy: 3 Banking Stocks With An Upside Target Of Up to 30%

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Buy Canara Bank, says broking firm Emkay Global

Broking firm, Emkay Global has suggested buying the stock of Canara Bank with an upside target of almost 30% from the current levels. The broking firm has revised the price target to Rs 185, as against the current market price of Rs 148.

According to the brokerage despite moderate credit growth and elevated provisions, Canara Bank reported a strong beat on net profits at Rs 11.7 billion, driven by strong margins, a one-off gain from the UB group stake sale and higher PSLC fees (seen across PSBs). Reported Gross Non Performing Assets improved 43 basis points, qoq to 8.5% due to contained slippages/higher upgrades.

“In our view, merger/asset quality related concerns are largely behind and the bank should report a gradual improvement in its RoA/RoE to 0.4-0.5%/10-11% by FY23E-24E (without factoring in dilution). Retain Buy with a revised target price of Rs 185 (from Rs 175), factoring in upgrades in earnings/multiple (core bank now valued at 0.6x vs. 0.5x),” the broking firm has said.

Buy ICICI Bank, Says Prabhudas Lilladhar

Buy ICICI Bank, Says Prabhudas Lilladhar

The brokerage has set a target of Rs 815 on the stock of ICICI Bank, as against the current market price of Rs 677.

According to Prabhudas Lilladhar, ICICI Bank operationally reported in-line performance with net profits of Rs 46.2 billion with a strong Net Interest Income growth of 18% YoY (best in industry) followed through a strong core PPOP growth of 23% YoY. The small setback was on higher slippages of Rs 72.3 billion (annualized 4% of loans) given the severity of wave two of covid 19.

“Strong franchise strength is reflecting in strong growth path both in liabilities & assets with much better managed risk which keep Return On Equity to move towards 15-16% in FY23. Maintain conviction BUY with revised target price of Rs 815 (from Rs 750) based on 2.4 times Sep-23 anticipated book value (rolled from March 2023) and subs value of Rs 181 (from Rs 164),” the brokerage has said. Shares of ICICI Bank were last seen trading at Rs 682.

Buy IndusInd Bank

Buy IndusInd Bank

Prabhudas Lilladhar has also suggested buying the stock of another banking major, IndusInd Bank. The bank saw savings account deposit strong with Rs 88.6 billion of incremental accretion, highest in the first quarter. IndusInd Bank’s earnings of Rs 9.75 billion (PLe: Rs 9.97 billion) was largely in-line with Net Interest Income growth of 8% YoY in line with loan growth, better fees & and a relatively elevated but flat provisions.

“Strong PCR of +70% and 100bps of COVID related provision cushions balance sheet impact and bank has managed the pandemic quite well. We retain BUY with revised price of Rs 1,280 (from 1,195) based on 1.7 times Sep-23 ABV (rolled from Mar-23),” the brokerage has said.

According to Prabhudas Lilladhar, the bank has built in segmental granularity in retail-corporate with slower growth and selling down exposures. Granularizing book has been completed and has started seeing strong growth in certain segments like large corporate & commercial banking. Retail disbursements were down 25-35% in Q1FY22 quarter on intermittent lockdown and are improving in Q2FY22. On deposits side, Current and Savings Account grew by 33% YoY/5% QoQ with ratio at 42% and further aspiring to improve towards 45%.

Shares of IndusInd were last seen trading at Rs 981.

Disclaimer

Disclaimer

Investing in stocks poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage houses are not liable for any losses caused as a result of decisions based on the article. Investors should take care because the markets are near record highs.



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Monetary Policy Committee may opt for a status quo on repo rate

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The rate-setting Monetary Policy Committee (MPC) may unanimously vote to continue status quo on the policy repo rate as a solid increase in aggregate demand is yet to take shape even as retail inflation print in May and June was above its upper tolerance level.

The six-member MPC has kept repo rate (the interest rate at which banks borrow funds from the Reserve Bank of India to overcome short-term liquidity mismatches) rock-steady at 4 per cent since it last cut this rate by 40 basis points from 4.40 per cent in May 2020.

Overall, since the onset of the Covid-19 pandemic in March 2020 in India, the repo rate has been cut by 115 basis points to mitigate its impact on the economy.

The Committee is also expected to persist with its accommodative stance to support growth till it gains traction on a durable basis while ensuring inflation remains within the target of 4 per cent with the lower and the upper tolerance band of 2 per cent and 6 per cent, respectively.

According to the RBI’s latest monthly bulletin: “While several high frequency indicators of activity are recovering, a solid increase in aggregate demand is yet to take shape. …A pick-up in inflation is driven largely by adverse supply shocks and sector-specific demand-supply mismatches caused by the pandemic. These factors should ease over the year as supply side measures take effect.”

Rahul Bajoria, Chief Economist, Barclays Securities (India), observed that while the virus caseload has declined significantly since April, the overall trajectory of economic variables has not changed sufficiently to warrant any material change in the RBI’s policy stance in the August MPC meeting.

He expects the RBI to keep rates unchanged in August as well as continue to buy bonds for some time under G-SAP (Government Securities Acquisition Programme). The MPC is also expected to maintain an accommodative policy stance.

“Our reading of high frequency activity indicators suggest no reason for the RBI to adjust its overall growth outlook, though its inflation forecasts may need to be revised modestly higher,” Bajoria said.

Unlikely to rock the boat

Radhika Rao, Senior Economist, DBS, opined that the RBI MPC is unlikely to rock the (policy) boat in its August bi-monthly monetary policy review, opting to keep the repo rate at 4 per cent and the policy corridor unchanged.

“Forward guidance will favour a continuation of the accommodative policy stance to guard against growth risks, especially the third Covid wave,” she said.

“The accompanying commentary will heed inflation risks through close monitoring and refrain from tweaking the policy levers for now,” Rao said in a report.

As per the DBS report the preference to gradually draw out excess liquidity might increase the sizes of variable reverse repo rate (VRRR) auctions while reaffirming support for the ongoing G-SAP program.

The impact of a VRRR increase might be marginal given the scale of surplus liquidity (estimated at ₹7.5-8 lakh crore) – bank liquidity plus government cash balances.

“Nonetheless, it affirms the Central Bank’s intent to mop-up liquidity at a calibrated pace before setting the stage for a reverse repo increase and change in policy stance around the end of 2021 or early 2022,” Rao said.

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3 Best Equity Mutual Fund SIPs To Consider In 2021 From ICICI Prudential Mutual Fund

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3 Best Equity Mutual Fund SIPs To Consider In 2021

Fund Name 3-Year Return(Annualized) Valur Research rating Morningstar Rating
ICICI Prudential Value Discovery Fund 53.81% 4 Star 4 Star
ICICI Prudential Bluechip Fund 47.03% 4 Star 4 Star
ICICI Prudential Sensex Index Fund 40.70 4 Star –

ICICI Prudential Value Discovery Fund

ICICI Prudential Value Discovery Fund

Value research and Morningstar have given this fund a 4-star rating. The 1-year returns for ICICI Prudential Value Discovery Direct-Growth are 53.81 percent. It has returned an average of 17.76 percent per year since its inception. This is an equity mutual fund that invests in value stocks.

A SIP started 3-years ago in ICICI Prudential Value Discovery Fund for Rs 10,000 every month is worth Rs 5.55 lakhs today. With a minimal investment of Rs 1000, investors can begin a SIP in the ICICI Prudential Value Discovery Fund.

ICICI Prudential Value Discovery Fund has holdings in Sun Pharmaceutical Inds. Ltd., Bharti Airtel Ltd., Mahindra & Mahindra Ltd., National Thermal Power Corp. Ltd., ITC Ltd. Redeem your units before the one-year time has passed, you will be charged a 1% load fee.

1-Year 3-Year (Annulazied) 5-Year(Annulazied)
53.81% 15.81% 13.16

ICICI Prudential Bluechip Fund

ICICI Prudential Bluechip Fund

ICICI Prudential Bluechip Fund Direct-Growth is an ICICI Prudential Mutual Fund Large Cap mutual fund plan. The ICICI Prudential Bluechip Fund is an open-ended equity fund that primarily invests in large-cap equities. Because it invests in bluechip stocks, which are market leaders in their respective industries, the program gives growth and stability to your portfolio. Value research and Morningstar have given this fund a 4-star rating.

ICICI Prudential Bluechip Fund holdings are in Infosys Ltd., ICICI Bank Ltd., HDFC Bank Ltd., Axis Bank Ltd., Reliance Industries Ltd.

A SIP started 3-years ago in ICICI Prudential Bluechip Fund for Rs 10,000 every month is worth Rs 5.12 lakhs today.

1-Year 3 Year (Annualized) 5 Year (Annualized)
47.03% 13.05% 14.12%

ICICI Prudential Sensex Index Fund

ICICI Prudential Sensex Index Fund

ICICI Prudential Mutual Fund’s ICICI Prudential Sensex Index Fund Direct-Growth is a Large Cap mutual fund program. The assets under management (AUM) of ICICI Prudential Sensex Index Fund Direct-Growth is 280 crores. The fund’s expense ratio is 0.17 percent, which is lower than the expense ratios charged by most other Large Cap funds.

ICICI Prudential Sensex Index Fund Direct has a 1-year growth rate of 40.70 percent. It has had an average yearly return of 14.32 percent since its inception. The majority of the money in the fund is invested in the financial, technology, energy, FMCG, and construction industries.

A SIP of Rs 10,000 per month in the ICICI Prudential Sensex Index Fund started three years ago is now worth Rs 5 lakhs.

1 Year 3-Year (Annualized)
40.70% 12.81%

Disclaimer

Disclaimer

The opinions and investment advice offered by Greynium Information Technologies’ authors and employees should not be taken as investment advice to purchase or sell stocks, gold, currency, or other commodities. Investors should not make any trading or investment decisions solely on the basis of the information presented on GoodReturns.in. We are not a licensed financial counselor, and the information provided here does not constitute investment advice.

Please keep in mind that mutual fund investing is risky, and investors should proceed with caution. Please conduct thorough research. Neither Greynium Information Technologies nor the author are liable for any losses incurred as a result of reading this article.



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GST collections for July record Rs 1.16 lakh crore, BFSI News, ET BFSI

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Gross goods and service tax (GST) revenue collected in July stood at Rs 1,16,393 crore showing a revived uptrend in business activity and economy during June as states eased restrictions.

The collections crossed the Rs 1 lakh-crore mark again after dipping from the level in June due to lockdowns or restrictions imposed by states amid the Covid second wave.

“With the easing out of Covid restrictions, GST collection for July 2021 has again crossed Rs 1 lakh crore, which clearly indicates that the economy is recovering at a fast pace,” the finance ministry said in a statement Sunday.

“The robust GST revenues are likely to continue in the coming months too,” it added.

The revenues for the month of July are 33% higher than the GST revenues in the same month last year.

During the month, revenues from import of goods were 36% higher and the revenues from domestic transaction, including import of services, are 32% higher than the revenues from these sources during the same month last year, the ministry added.

Experts said the sharp increase in the collections for June 21 indicates the resumption of economic activities in June and will raise expectations of better collections in the coming months.

”The improvement in GST collections both on domestic transactions and imports, accompanied by the fact that major producing states have shown significant increases, would indicate that the economic activities have resumed across the country,” said MS Mani, senior director at Deloitte India.

”If the country is able to resist the third wave, the GST collections should increase from here on,” said Rajat Bose, partner at Shardul Amarchand Mangaldas & Co.

Of the GST revenue collected in July, central GST is Rs 22,197 crore, state GST is Rs 28,541 crore, integrated GST is Rs 57,864 crore, including Rs 27,900 crore collected on import of goods, and cess is Rs 7,790 crore, including Rs 815 crore collected on import of goods.

The above figure includes GST collection received from GSTR-3B returns filed between July 1and 31 as well as integrated GST and cess collected from imports for the same period.

The GST collection for the returns filed between July 1-5, of Rs 4,937 crore had also been included in the GST collection in the press note for the month of June 2021 since taxpayers were given various relief measures in the form of waiver or reduction in interest on delayed return filing for 15 days for the return filing month June for the taxpayers with the aggregate turnover upto Rs 5 crore in the wake of Covid pandemic second wave.

The government has settled Rs 28,087 crore to central GST and Rs 24,100 crore to state GST from integrated GST as regular settlement. The total revenue of Centre and the States after regular settlement in the month of July 2021 is Rs 50,284 crore for central GST and Rs 52,641 crore for the state GST.



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