Within 18 months of signing a 15-year lease, WeWork has closed its Northbridge operations.…
Reinforcing the economic recovery trend, goods and services tax collection surpassed the Rs 1-trillion mark for the second consecutive month in November, according to the official data. Although slightly lower than the previous month, the robust mop-up could be attributed to the festival season demand, experts said, cautioning that this might not be sustainable in the coming months.
GST collection stood at Rs 1.049 trillion in November, as against Rs 1.051 trillion in October, the data released by the finance ministry on Tuesday showed. This is also the third straight month when GST collection rose year-on-year (YoY), indicating the reinstatement of normalcy in economic activity after months of disruption caused by the Covid-19 lockdown.
The November collection was 1.42 per cent higher than that in the same month a year ago, down from 10.25 per cent YoY growth in October and 3.87 per cent in September. These collections mostly account for transactions done in October, and hence represent the impact of the festival season. The lower e-way bill generation in November, at 55.3 million compared to 64.1 million in October, suggests that the December GST mop-up may be lower.
“The trends regarding the sustainability of demand
In the post-earnings call in October, Vodafone Idea managing director Ravinder Takkar had said the company would not shy away from taking the first step in raising tariffs. Bharti Airtel Chairman Sunil Mittal had also said last week that there was an urgent need to increase rates.
The latest move, even if it is symbolic, is the first rate hike after the one announced end of 2019.
The Voda Idea share price rose 2.45 per cent to close at Rs 10.05 on BSE. On the news of tariff hike by Voda Idea, even Bharti Airtel’s stock went up 3.5 per cent to close at Rs 479 on Tuesday.
The tariff hike of Rs 50 has been effected under Vodafone Idea’s RED family pack plans which currently cost Rs 598 and Rs 749, respectively. However, the rates for the
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