Money this Month
From GST collections hitting second highest ever:India October Manufacturing PMI slips to 8-month low:RBI opting to roll over $5-b forex swap:4% DA Hike,7% MSP Hike on Rabi:ONGC hoping to recover $500 million dividend to Record 7.85 crore I-T returns filed. Here's the new in the line of indefinite "Money this Month" editions. Being published by the Research Department of Finance and Investment Cell at Aryabhatta College, "𝐌𝐨𝐧𝐞𝐲 𝐓𝐡𝐢𝐬 𝐌𝐨𝐧𝐭𝐡", a monthly newsletter that aims to encapsulate the latest developments in the field of money, economics, finance, and geopolitics. Extensive efforts have been put in to compile the most relevant and insightful information from various sources to provide you with a comprehensive overview of the financial world.
Headlines
GST collections in October 2023 hit second highest ever of Rs 1.72 lakh crore
India October Manufacturing PMI slips to 8-month low at 55.5
RBI may opt to roll over $5-b forex swap
Cabinet approves 4% DA hike for govt employees, 7% MSP hike for 6 Rabi crops
ONGC hopes to recover over $500 million dividend as sanctions on Venezuela eased
Record over 7.85 crore I-T returns filed till Oct 31
So, how was the money this month?
MONEY THIS MONTH
GST collections in October 2023 hit second highest ever of Rs 1.72 lakh crore
In October 2023, the Indian government collected Rs 72,934 crore in CGST and Rs 74,785 crore in SGST, making it the second-highest GST collection month. This marked a 13% increase compared to the previous year. The total gross GST collection for the fiscal year 2023-24 averaged Rs 1.66 lakh crore, representing an 11% rise from the previous fiscal year, with the highest-ever collection recorded in April 2023 at Rs 1.87 lakh crore.
India October Manufacturing PMI slips to 8-month low at 55.5
In October, India's manufacturing activity registered a PMI of 55.5, down from 57.5 in September, indicating a slower rate of expansion but still above the long-term average of 53.9. While various aspects like new orders, production, exports, and purchasing increased, hiring slowed, business confidence dipped to a five-month low, and cost pressures grew. Output price inflation decreased during the period.
RBI may opt to roll over $5-b forex swap
The RBI is considering extending a $5 billion foreign exchange swap set to mature, focusing on liquidity management over forex reserves. This move could infuse ₹40,000 crore into the banking system but has sparked a debate regarding inflation control. Additionally, the RBI's decision may be driven by its aim to boost reserves, given the $5 billion it's receiving from banks.
Cabinet approves 4% DA hike for govt employees, 7% MSP hike for 6 Rabi crops
The Cabinet approved a 4 per cent hike in dearness allowance for central government employees and pensioners effective July 2023, Minister Anurag Thakur said at a press briefing. The Cabinet also approved the minimum selling price (MSP) for six prominent Rabi crops by 7 per cent for the next marketing season for 2024-25.
ONGC hopes to recover over $500 million dividend as sanctions on Venezuela eased
Oil and Natural Gas Corp (ONGC) is aiming to reclaim more than $500 million in dividends that have been outstanding since 2014 for its stake in Venezuelan projects. This move comes as sanctions on Venezuela have been eased, and the Biden administration recently lifted restrictions on the nation's oil sector following a political deal for the 2024 election.
Record over 7.85 crore I-T returns filed till Oct 31
The income tax department announced that a record-breaking 7.85 crore income tax returns (ITRs) were filed for the fiscal year 2023-24 until October 31, surpassing the previous year's total of 7.78 crore ITRs. The majority of these ITRs have been verified and processed, indicating a significant increase in compliance. The e-filing portal also efficiently managed high traffic during peak filing days, ensuring a smooth experience for taxpayers and professionals.