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Cummins India delivered impressive Q2 FY25 results, with a 37% YoY surge in net profit and a 31% rise in revenue. While domestic sales grew strongly, export performance faced challenges due to global uncertainties. The company remains optimistic about long-term growth, backed by a strong product portfolio and strategic focus on India's resilient economy.
In a landmark development, Pakistan has sealed a significant agreement with the International Monetary Fund (IMF) for a USD 7 billion Extended Fund Facility (EFF). This agreement marks a pivotal moment for Pakistan's economic trajectory, aimed at addressing longstanding fiscal challenges and bolstering macroeconomic stability.
The ongoing disagreement between Pakistan and the IMF over new income tax rates and an 18% sales tax on agriculture and health sector goods highlights the complex challenges of economic reform and its potential impact on the salaried class. Talks between Pakistan and the IMF have stalled due to disputes over income tax thresholds and the introduction of an 18% sales tax on essential goods, raising concerns about the financial burden on salaried individuals. Discover the key issues in the Pakistan and IMF income tax disagreement, where proposed changes in tax rates and a substantial sales tax on critical sectors threaten to impact the financial stability of the salaried class. The Pakistan and IMF income tax disagreement centers on controversial new tax rates and a hefty sales tax on agriculture and health goods, leaving salaried individuals facing potential financial strain. As Pakistan and the IMF struggle to agree on new income tax reforms and an 18% sales tax, the financial implications for the salaried class come to the forefront of this critical economic debate.
May 2024 sees a 10% spike in GST revenue, fueled by a surge in domestic transactions. Discover the drivers behind the impressive 11.3% year-on-year growth in GST revenue till May 2024. Insights into the May 2024 GST collections: Domestic transactions up by 15.3%. A closer look at the notable 6.9% growth in net GST revenue for May 2024. Unpacking the figures: May 2024 witnesses a marginal increase in imports amidst overall growth. Understanding the significance of the ₹1.73 lakh crore GST revenue in May 2024. In May 2024, CGST and SGST revenue totals soar to ₹70,928 crore and ₹72,999 crore respectively. Exploring the impact of the ₹3.83 lakh crore cumulative GST collections till May 2024. May 2024 witnesses a remarkable 10% surge in GST revenue, fueled by robust domestic transactions. The net GST revenue for May 2024 stands at ₹1.44 lakh crore, reflecting a commendable growth rate of 6.9% compared to the previous year. Cumulative gross GST collections for FY 2024-25 till May 2024 reach ₹3.83 lakh crore, showing an impressive year-on-year growth of 11.3%. Domestic transactions play a pivotal role, driving GST revenue growth by 14.2% in May 2024. In May 2024, the Central Government disburses ₹38,519 crore to CGST and ₹32,733 crore to SGST from the net IGST collection. For FY 2024-25 till May 2024, the Central Government settles ₹88,827 crore to CGST and ₹74,333 crore to SGST from the net IGST collection. The surge in GST revenue collection underscores a positive economic trajectory for India's fiscal landscape. May 2024's GST revenue surge highlights the effectiveness of GST as a crucial fiscal tool in India's economic growth.