CA Online

  The Crypto market remains volatile, and cryptocurrencies form "an unstable ecosystem", the Reserve Bank of India (RBI) said in its Financial Stability Report (FSR) released on Thursday. To address financial stability risks and protect investors, it is important to arrive at a "common approach to crypto assets", the report added.  "Although the crypto assets market remains volatile, there have not yet been any spillovers onto the stability of the formal financial system. The accumulated experience, however, suggests that they form an unstable ecosystem and there is growing evidence that they remain highly concentrated and interconnected," it said. The FTX turmoil, RBI said, revealed that crypto is highly volatile and exhibits "high correlations" with equities. It has also not served as a hedge against inflation. "Contrary to claims that they are an alternative source of value due to inflation hedging benefits, crypto assets value has fallen

The GST collections for December 2022 stood at Rs 1,49,507 crore -- 2.5 per cent more than Rs 1,45,867 crore collected in November 2022, according to figures released by the Finance Ministry on Sunday.   However, on year-on-year basis, GST revenue collected for December 2022 was 15 per cent higher than collections of December 2021, which was Rs 1,29,780 crore.   Monthly GST revenues more than Rs 1.4 lakh crore for 10 straight months in a row, the figures mentioned.   The gross GST revenue collected during December 2022 is Rs 1,49,507 crore, of which CGST is Rs 26,711 crore, SGST is Rs 33,357 crore, IGST is Rs 78,434 crore (including Rs 40,263 crore collected on import of goods) and cess is Rs 11,005 crore (including Rs 850 crore collected on import of goods).   The government has settled Rs 36,669 crore to CGST and Rs 31,094 crore to SGST from IGST as regular settlement.   The total revenue of the Centre and the states after regular settlements in December 2022 is Rs 63,380 crore for C

  Gross goods and services tax (GST) collection for December rang up over Rs 1.49 trillion, the data released by the finance ministry showed. This is a surge of 15 per cent year-on-year, mainly driven by increase in retail prices of consumption items, high inflation, and action taken to ensure compliance. This was the third-highest monthly collection since the tax was introduced in July 2017. GST collection touched a record high of Rs 1.68 trillion in April and touched over Rs 1.51 trillion in October. “This is the tenth month in a row — that monthly GST revenue has been more than Rs 1.4 trillion,” the ministry said on Sunday while releasing the data. If the trend continues, overall GST collection may exceed the budgetary estimate by Rs 1.3-1.4 trillion, experts estimate. The Budget 2022 set the Central GST (CGST) target at Rs 6.6 trillion, excluding the compensation cess. Between April and December, CGST collection stood at more than Rs 5.5 trillion. “The headline GST numbers remain r