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

$show=search/label/May%202022

 


Goods and Services Tax (GST) UPSC NOTE

 The graph

  • Revenues from the Goods and Services Tax (GST), which completes seven years at the end of this month, hit a record high of ₹2.1 lakh crore in April that typically sees higher inflows due to a year-end compliance rush. 

  • Receipts in May, rising almost 10% from a year ago, compared with a 12.4% uptick in the previous month. 

  • This was the slowest rise since July 2021 when the second COVID-19 wave had dented economic activity

  • In the nearly three years since then, GST revenues have generally grown at least 11%

  • Compared with the average monthly receipts of ₹1.68 lakh crore in 2023-24, taxes pertaining to the first month of this fiscal are 3% higher. 

  • Although gross revenues from domestic transactions grew 15.3%, revenues from goods imports dipped for the second time in three months. 

  • Domestic revenue growth has also been uneven across States, with five recording a decline in May, and eight growing far slower than the national average

  • However, broader worries about GST revenues being underwhelming, voiced by the Union Finance Minister at a GST Council meeting in late 2021, have now receded.

Opportunities ahead

  • This is, therefore, an opportune time for the Council, to press the pedal on its pending reform agenda to make it a truly Good and Simple Tax as originally envisaged

  • It is hoped the Council will also find time for bigger things such as reviving the plan to rationalise GST’s complex, multiple-rate structure

  • A new rate structure might also entail lower levies on items such as cement and insurance, for instance

  • A road map is also needed to bring excluded items such as electricity, natural gas, and petroleum products into the GST net to ensure businesses can avail credits for these inputs. 

  • Along with easing compliances for smaller firms as promised in the Bharatiya Janata Party’s election manifesto, there is room for simplifying the system for all businesses, including large ones which are compelled to register in each State and face varying compliance diktats


COMMENTS

Name

Amritsar,1,April 2024,301,Art & Culture,1,August 2023,251,Courses,7,Daily Current Affairs,48,December 2023,189,Disaster Management,2,Environment and Ecology,192,February 2024,228,Foundation Course,1,GDP,1,GEMS Club,1,GEMS Plus,1,Geography,191,Govt Schemes,2,GS 2,1,GS1,6,GS2,68,GS3,26,GST,1,History,10,Home,3,IAS Booklist,1,Important News,71,Indian Economy,170,Indian History,10,Indian Polity,200,International Organisation,12,International Relations,143,Invasive Plant,1,January 2024,240,July 2023,281,July 2024,225,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,Places in News,2,Science & Technology,134,Science and Technology,95,September 2023,205,UPSC CSE,111,
ltr
item
Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Goods and Services Tax (GST) UPSC NOTE
Goods and Services Tax (GST) UPSC NOTE
https://lh7-us.googleusercontent.com/slidesz/AGV_vUcAIWIMMYZkD8siHXMkdGluvbVaM_TPeDZhoLYgDjgupFWPOuvOsRThZFTVclIsXLMAYFJ5qC0qYFh7H9z3IYpw47qotcyFBHnlf-OoBVmGgtPdsRjNpgljM6N3vS2nVxTB0OQUQCfNzn8O7uW00lfbmrbesS0oz5DKslyMIG66mg=s2048?key=ylds5N0lq4kczwN7UZbOmg
https://lh7-us.googleusercontent.com/slidesz/AGV_vUcAIWIMMYZkD8siHXMkdGluvbVaM_TPeDZhoLYgDjgupFWPOuvOsRThZFTVclIsXLMAYFJ5qC0qYFh7H9z3IYpw47qotcyFBHnlf-OoBVmGgtPdsRjNpgljM6N3vS2nVxTB0OQUQCfNzn8O7uW00lfbmrbesS0oz5DKslyMIG66mg=s72-c?key=ylds5N0lq4kczwN7UZbOmg
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
https://www.learnerz.in/2024/06/goods-and-services-tax-gst-upsc-note.html
https://www.learnerz.in/
https://www.learnerz.in/
https://www.learnerz.in/2024/06/goods-and-services-tax-gst-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