Calendars, diaries, & other materials to shift on digital format: Ministry of Finance

The Ministry of Finance on Wednesday announced that all calendars, diaries and other similar materials, which were earlier printed in physical format, will now be done digitally by the Ministries keeping in mind the COVID-19 pandemic. This would also be followed by all its departments, PSUs and PSBs. Departments and all other organs of the government will also adopt innovative means to use digital or online methods, added the Ministry of Finance. 

GST revenue dips by 12%

Meanwhile, data released by the Union Finance Ministry revealed that the gross revenue from Goods and Services Tax (GST) in August dipped to Rs 86,449 crore from the previous month's Rs 87,422, Last month's collection is 88% of the GST revenues in the same month last year. Of the August revenue, Rs 15,906 crore has been collected under CGST, Rs 21,064 crore under SGST, Rs 42,264 crore (including Rs 19,179 crore collected on import of goods) under IGST and Rs 7,215 crore (including Rs 673 crore collected on import of goods) as Cess, the government said.

Read: Economy Destroyed By Demonetisation, 'flawed' GST', 'failed' Lockdown: Rahul On FM's 'Act Of God' Remark

Read: Real GDP To Contract By 10.9% In FY21, Negative Growth For All 4 Quarters: SBI Ecowrap

GDP crashes to -23.9% for Q1

India's GDP for the first quarter of FY 21 stood at -23.9% as per data released by the National Statistical Office (NSO) on Monday, making it the worst contraction on record. In May, amid the nation-wide COVID-19 lockdown, India's GDP growth for the January-March quarter (Q4) 2019-20 stood at 3.1%. Overall FY 19-20 GDP stood at 4.2%, hitting an 11-year low. India currently has extended its lockdown in containment zones till September 30, freeing up most restrictions.

As per market reports, core sectors' growth stood at - Industries at -381%, Services at -20.6%, Manufacturing at -39.3 %, Trade, Hotels at -47. Agriculture has been the only sector to see growth clocking a 3.4% increase, due to rural sector remaining mostly free from lockdown. CRISIL had predicted that India's fourth recession since independence, the first since liberalisation and perhaps the worst to date, is here.

Read: India's GDP Crashes To -23.9% In Q1- FY21 Due To COVID-19; Worst Contraction Till Date

Read: GST Revenue At Rs 86,449 Crore In August, Down 12% From Same Month Last Year