Sensex tanks 362 pts
The Goods and Services Tax (GST) collections dropped sharply to a 19-month low of Rs 91,916 crore in September with data being released on a day when panic returned to haunt the equity market where financial sector woes, auto sales slump and weak macro data triggered across-the-board sell-off.
This is the second straight month of decline in the GST collections, according to official data released by the Finance Ministry on Tuesday.
The tax collection at Rs 91,916 crore in September was lower than Rs 98,202 crore collected in August and Rs 94,442 crore in the same month last year. “The total gross GST revenue collected in September 2019 is Rs 91,916 crore of which CGST is Rs 16,630 crore, SGST is Rs 22,598 crore, IGST is Rs 45,069 crore (including Rs 22,097 crore collected on imports) and cess is Rs 7,620 crore (including Rs 728 crore collected on imports),” the Finance Ministry said.
The revenue during September declined by 2.67 per cent in comparison to the revenue collected in the same month a year ago, the Finance Ministry release said.
Meanwhile, bears displayed their relentless domination of the Dalal Street in Mumbai on Tuesday. The 30-share BSE Sensex, which opened on a firm footing, crashed over 737 points in late afternoon trade, before finally recouping some losses to finish at 38,305.41, down 361.92 points.
The broader Nifty too underwent bouts of volatility and closed lower by 114.55 points at 11,359.90. The Sensex has now lost 684.33 points, or 1.76 per cent, in three sessions, while the Nifty has dropped 211.30 points, or 1.83 per cent.
News agency PTI quoted analysts as saying caution prevailed among investors amid a deepening crisis at Punjab and Maharashtra Co-operative Bank (PMC) and fraud allegations against companies like Indiabulls Housing Finance Ltd (IHFL).
Wednesday, 02 October 2019 | PNS | New Delhi
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