Bussiness

India's Goods and Services Tax (GST) collections for September reached ₹1.73 lakh crore, a 6.5% year-on-year increase. This marks an increase from ₹1.63 lakh crore collected in September 2022. After refunds, the net GST revenue rose about 4% to ₹1.53 lakh crore. Domestic revenue increased by 5.9% to approximately ₹1.27 lakh crore, while revenue from imports grew by 8%, totaling ₹45,390 crore. Refunds amounted to ₹20,458 crore, a 31% rise from the previous year. So far in 2024, total GST collections have hit ₹9.13 lakh crore, reflecting a 10.1% increase compared to the same period in 2023. The GST Council has also proposed reductions in rates for life and health insurance and cancer medications.

Swiggy has officially applied for its IPO, submitting draft papers to the Securities and Exchange Board of India (SEBI) on September 26. The online food delivery platform plans to issue fresh equity shares worth ₹3,750 crore, while existing shareholders will sell around 18.52 crore equity shares through the Offer for Sale (OFS). This move positions Swiggy as the second company to be listed in the food delivery sector, following Zomato. Major investors in Swiggy include Prosus, SoftBank, and Accel, with notable participants in the share sale such as Excel, Alpha Wave, Elevation Capital, Norwest, and Tencent.