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Understand GST in Malayalam for IAS Exam

 Goods and Services Tax (GST)

GST Malayalam


What is Goods and Services Tax?

  • Introduced through the 101st Constitution Amendment Act, 2016.
  • one of the biggest indirect tax reforms in the country
  • introduced with the slogan of ‘One Nation One Tax’.
  • It is a consumption tax
  • The GST avoids the cascading effect or tax on tax - which increases the tax burden on the end consumer.
  • Indirect taxes such as excise duty, VAT, service tax, and luxury tax have all been absorbed by GST.

GST tax structure:

  • Central GST covers excise duty, service tax, etc
  • State GST covers VAT, luxury tax,etc.
  • Inter-state trade will be covered by the Integrated GST (IGST).

Record GST revenues:

  • April 2022, the first month of the new financial year has witnessed record Goods and Services Tax (GST) collections of around ₹1.67 lakh crore. This is the highest monthly collection in the five years since the introduction of the GST.

Significance:

  • Reduced fiscal pressure - More revenue to the Central and State Governments
  • Fund compensation payments due to states:
    • Issue of compensation payments will become easier if GST collections remain at these levels.
    • Aid in the payment of outstanding compensation dues to states (approximately 78,700 crore)
  • The increased tax revenue, combined with improved compliance, would provide the GST Council with a much-needed opportunity to consider GST rate slab rationalisation.


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Learnerz IAS: Understand GST in Malayalam for IAS Exam
Understand GST in Malayalam for IAS Exam
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