False
Download Learnerz IAS app from the Play Store now! Download

$show=search/label/May%202022

 


GST Collections UPSC NOTE

SHARE:

  GST revenue trends GST collections grew 11.5% in May — the slowest uptick in six months — to cross ₹1.57 lakh crore . Revenues from do...

 

GST revenue trends
  • GST collections grew 11.5% in May — the slowest uptick in six months — to cross ₹1.57 lakh crore.

  • Revenues from domestic transactions rising 11% and imports yielding 12% more taxes than a year earlier.

  • May’s revenues were the lowest in three months, and 16% below the record ₹1.87 lakh crore collected in April.

  • This was the 14th successive month that GST revenues exceeded ₹1.4 lakh crore and the fifth occasion that they surpassed the ₹1.5-lakh crore mark.

  • Overall domestic revenues grew 11% in May and 16 States recorded higher revenue growth.

    • Mizoram (52%), Arunachal Pradesh (47%), Delhi (25%) and Meghalaya and Madhya Pradesh, whose revenues rose 23%.

    • Revenues grew 11% in Odisha, Kerala, and Andhra Pradesh, 12% in Karnataka and 13% in Tamil Nadu and Telangana.

  • Revenues contracted sharply in Manipur due to violence, dropping 17% year-on-year, while Chhattisgarh also reported a 4% decline in revenues.

  • Eight States recorded slower revenue growth than the national average. 

    • Rajasthan (up 4%) and Gujarat, Punjab, West Bengal and Jharkhand, each of whom saw a 5% rise in GST inflows in May.

  • A little over 51% of the month’s IGST collections came from taxes on imports of goods.

Reasons for the increasing collection

  • Ongoing drive against indirect tax evasion.

  • The GST collections are bound to increase further due to the special two-month drive for detection of fake registrations and strict action against unscrupulous elements.

  • Higher consumption spending through the withdrawn ₹2,000 currency notes which will remain legal tender till at least September 30, could still bump up collections.

COMMENTS

Name

Amritsar,1,April 2024,301,Art & Culture,11,August 2023,251,August 2024,400,Courses,7,Daily Current Affairs,51,December 2023,189,Disaster Management,2,Environment and Ecology,283,February 2024,228,Foundation Course,1,Free Class,1,GDP,1,GEMS Club,1,GEMS Plus,1,Geography,296,Govt Schemes,2,GS 2,1,GS1,21,GS2,238,GS3,95,GST,1,History,11,Home,3,IAS Booklist,1,Important News,71,Indian Economy,281,Indian History,20,Indian Polity,316,International Organisation,12,International Relations,230,Invasive Plant,1,January 2024,240,July 2023,281,July 2024,375,June 2022,6,June 2023,268,June 2024,324,March 2024,238,May 2022,17,May 2024,330,Mentorship,2,November 2023,169,October 2023,203,October 2024,61,Places in News,2,Science & Technology,254,Science and Technology,117,September 2023,205,September 2024,336,UPSC CSE,114,UPSC Tips,3,
ltr
item
Learnerz IAS | Concept oriented UPSC Classes in Malayalam: GST Collections UPSC NOTE
GST Collections UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
https://www.learnerz.in/2023/08/gst-collections-upsc-note.html
https://www.learnerz.in/
https://www.learnerz.in/
https://www.learnerz.in/2023/08/gst-collections-upsc-note.html
true
4761292069385420868
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content