4/5/2023 0 Comments 1.45 trillion writedown![]() ![]() States revenues were protected for the first five years of the GST roll-out if their growth fell below 14 per cent per annum, with 2014-15 as the base year. However, some states with a relatively higher dependence on GST compensation as a revenue source may find FY23 to be a particularly challenging year,” said Aditi Nayar, chief economist, ICRA.Īs many as 15 states and Union Territories witnessed at least 50 per cent growth in their GST revenues from domestic transactions in June. “If GST collections grow at the envisioned pace of 17 per cent in FY23, then many states may be able to withstand the end of the GST compensation period. Economists believe growth may not be as high in the remaining months of the current fiscal as the low-base effect fades. The collections grew 37 per cent year-on-year in Q1 of FY23. “Coupled with economic recovery, anti-evasion activities - especially action against fake billers - have been contributing to the enhanced GST,” an official statement said.Īverage GST collections at Rs 1.51 trillion a month in the first quarter of the current financial year are much higher than the Rs 1.2 trillion derived from the Budget Estimates. High inflation can also be partly cited as a key growth driver, even as the government attributed the performance to economic recovery and the administrative measures taken by it. ![]() Finance Minister Nirmala Sitharaman said on Friday that Rs 1.4 trillion was the “rough bottom line” now for GST collections. June was the fourth month in a row when GST receipts crossed the Rs 1.4-trillion mark. April numbers are usually high due to arrears filed in March. However, the collections of this June have only been surpassed once – in April 2022, when the mop-up was a record Rs 1.67 trillion. ![]() The high growth can be attributed to the low base of Rs 92,800 crore last June, which was the outcome of the second wave of Covid-19. They now plan to buy a combined total of 697 planes, down from 730 in the previous Pentagon estimate.Amid demand by some states for extending the compensation period under the goods and services tax (GST) regime, collections from the five-year-old indirect tax grew 56 per cent year-on-year to Rs 1.45 trillion in June - the second-highest mop-up ever. military and eight partner countries: Britain, Australia, Canada, Italy, Turkey, Denmark, Norway, Australia and the Netherlands. Lockheed is developing three variants of the new plane for the U.S. The push also added two years to the duration of the program, according to an internal Lockheed calculation obtained by Reuters.īut Winslow Wheeler, a critic of the program, predicts cost growth on the program will be even greater than estimated by the Pentagon, given the complexity of the F-35 fighter. The Pentagon’s proposal to postpone buying 179 planes for five years added $60 billion to the operations and support cost of the program, since those planes will now be delivered in later years when inflation is higher. “The program costs appear to be rising much faster than they actually are because the government keeps changing how it calculates things,” Thompson said. It initially calculated operating costs over 30 years, but then chose a longer timeframe of 50 years, he said. official say will save $15.1 billion through 2017, and should avert costly retrofits if further problems arise during testing of the new fighter, which is only about 20 percent complete.ĭefense analyst Loren Thompson said three quarters of the cost increases on the F-35 program were linked to government changes in the scope of the program, and the way it was estimating costs.įor instance, he said, the Pentagon initially planned to station the plane at 33 bases, but later changed the number to 49. The new cost estimate reflects the Pentagon’s proposal to postpone orders for 179 planes for five years, a move that U.S. They also argue that no other weapons program’s costs have been calculated over such a long period, and that even shorter-term cost projections for other aircraft do not include the cost of modernization programs and upgrades. While inflation accounts for more than one-third of the projected F-35 operating costs, military officials and industry executives were quick to point out that it is nearly impossible to predict inflation over the next half-century. The Pentagon’s latest, staggering estimate of the lifetime cost of the F-35 - its most expensive weapons program - is up from about $1 trillion a year ago, and includes inflation. Marine F-35B Joint Strike Fighter Jet sits in a hangar after the roll-out Ceremony at Eglin Air Force Base in Florida in this Februfile photograph. ![]()
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