Goods and Services Tax (GST)

In news: India’s gross revenues from the Goods and Services Tax (GST) were ₹1,43,612 crore in August, 28% higher than a year ago. Revenues from import of goods soared 57% during the month while domestic transactions and import of services yielded 19% higher taxes than in August 2021.

• The gross GST revenue collected in August includes ₹24,710 crore of Central GST (CGST), ₹30,951 crore collected as State GST (SGST), and Integrated GST (IGST) of ₹77,782 crore, which comprises ₹42,067 crore collected on import of goods.
• GST Compensation Cess collections were ₹10,168 crore and included 1,018 crores collected on import of goods.
• While overall domestic GST revenues rose 19%, there were wide variations in collections across States, with 13 States seeing a higher growth in revenues, three States reporting a flat or negative growth, and 14 States, including the erstwhile State of Jammu and Kashmir, seeing a slower uptick than 19%.

Must Read – GST- Five years on

Source: The Hindu 

Previous Year Question

Q.1) What is/are the most likely advantages of implementing ‘Goods and Services Tax (GST)’? (2017)

1. It will replace multiple taxes collected by multiple authorities and will thus create a single market in India.
2. It will drastically reduce the ‘Current Account Deficit’ of India and will enable it to increase its foreign exchange reserves.
3. It will enormously increase the growth and size of the economy of India and will enable it to overtake China in the near future.

Select the correct answer using the code given below:

1. 1 only
2. 2 and 3 only
3. 1 and 3 only
4. 1, 2 and 3