Search results
Results From The WOW.Com Content Network
From 1 May 2018 onwards Ministry of Finance of Government of India started releasing monthly GST revenue collection data via official press release through Press Information Bureau. And to further improve transparency Government of India started issuing state-wise monthly collection data from 1 January 2020. [1]
In India states earn revenue through own taxes, central taxes, non-taxes and central grants. [1] For most states, own taxes form the largest part of the total state revenue. [1] Taxes as per the state list includes land revenue, taxes on agricultural income, electricity duty, luxury tax, entertainment tax and stamp duty. [2]
[44] [45] Example: if Goa has collected a total GST revenue (intra state transaction - seller and buyer both are located in same state) of ₹ 100 million (US$1.2 million) in January, then the share of central government (CGST) will be ₹ 50 million (US$580,000) and the remaining ₹ 50 million (US$580,000) will be a share of Goa's state ...
The Reserve Bank of India (India's Central Bank) maintains this payment network. Real-time gross settlement is a funds transfer mechanism where transfer of money takes place from one bank to another on a 'real time' and on 'gross' basis. This is the fastest possible money transfer system through the banking channel.
GSDP is the sum of all value added by industries within each state or union territory and serves as a counterpart to the national gross domestic product (GDP). [1] As of 2011 [update] , the Government accounted for about 21% of the GDP followed by agriculture with 21% and corporate sector at 12%.
The Indian Financial System Code (IFS Code or IFSC) is an alphanumeric code that facilitates electronic funds transfer in India. A code uniquely identifies each bank branch participating in the three main Payment and settlement systems in India: the National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS) systems.
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
National Electronic Funds Transfer (NEFT) is an electronic funds transfer system maintained by the Reserve Bank of India (RBI). Started in November 2005, the setup was established and maintained by Institute for Development and Research in Banking Technology . [ 1 ]