Business

Mumbai: Gross goods and services tax (GST) revenue for May 2024 stood at ₹1.73 lakh crore. This represents a 10 percent year-on-year increase, driven by strong growth in domestic transactions (up 15.3%) and a slowdown in imports (down 4.3%). After accounting for refunds, the net GST revenue for May 2024 is ₹1.44 lakh crore, showing a growth of 6.9% over the same period last year. The gross GST collection in the financial year 2024-25 till May 2024 stood at ₹3.83 lakh crore. This represents an impressive growth of 11.3% year-on-year, driven by strong growth in domestic transactions (up 14.2%) and modest growth in imports (up 1.4%). After accounting for refunds, the net GST revenue in FY 2024-25 till May 2024 is ₹3.36 lakh crore, showing a growth of 11.6% over the same period last year. ...

Domestic equity indices opened at record highs on Monday after exit polls predicted a hat-trick for Prime Minister Narendra Modi in the results of the recently concluded Lok Sabha elections. Analysts said better than expected gross domestic product (GDP) of 8.2% in FY24 and S&P revising India's rating outlook to positive from stable also buoyed the market. BSE Sensex crossed the 76,500 mark for the first time on Monday. The 30 share index opened 2,621.98 points or 3.55% higher at 76,583.29. Nifty opened at a record high of 23.337.9 with a gain of 807.2 points or 3.58%. An average of 10 exit polls has predicted that the Bharatiya Janata Party (BJP) led National Democratic Alliance (NDA) will improve its position in 2019 by winning more than 350 seats. According to estimates, the ...

The Reserve Bank of India (RBI) said the banking sector recorded higher credit growth in the first month of FY24, led by an increase in advances to the agriculture sector.On a year-on-year basis, non-food bank credit grow by 15. %3 in April compared with 16.2% growth a year earlier. In absolute terms, bank non-food credit stood at Rs 159.55 lakh Crore in April compared to Rs 138.38 lakh Crore in April 2023.RBI's sectoral deployment of bank credit for April 2024 showed that credit to agriculture and allied activities increased to 19.7% in April 2024 from 16.8% a year ago.Growth in the personal loan segment declined to 17.4% from 19.4% growth a year ago, mainly due to lower growth in vehicle loans. This moderation came despite faster growth in credit to housing (17.7% compared to 13.9 perce...

The balance sheet of the Reserve Bank of India increased by 11.07 percent to Rs 70.47 lakh Crore in the financial year ending March 31, 2024, compared to Rs 63.44 lakh Crore in the financial year 2022-23.The growth on the asset side was led by growth in foreign investment, gold and loans and advances by 13.9 per cent, 18.26% and 30.05% respectively, the RBI said in its annual report for 2023-24.As of March 31, 2024, domestic assets stood at 23.31%, while foreign currency assets, gold (including gold and gold deposited in India) and loans and advances given to financial institutions outside India were 76.69 per cent of total assets, while it stood at 26.08% and 73.92 percent on March 31, 2023, respectively.In terms of liabilities, the expansion was led by an increase in notes issued, depos...