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India's net Goods and Services Tax (GST) revenue for March reached ₹1.78 trillion.
Gross GST receipts, before accounting for refunds, touched ₹2 trillion in March.
This marks an 8.8% year-on-year increase in gross collections.
It is the first instance of gross GST collections reaching ₹2 trillion since a previous high observed in May (of a recent past year).
GST is an indirect tax levied on the supply of goods and services across India. It replaced multiple cascading taxes previously imposed by central and state governments, aiming to create a unified national market. It is a consumption-based tax, meaning it is levied at the point of consumption.
Simple Analogy: Imagine GST as a single, comprehensive bill for all your purchases and services, replacing many smaller, separate taxes that used to add up at different stages.
Higher tax revenue, including GST, helps narrow the gap between government expenditure and revenue, thereby reducing the fiscal deficit.
GST collections are directly correlated with economic growth; increased economic activity generally leads to higher tax revenues.
Inflation can impact the value of goods and services, potentially influencing the nominal value of GST collections, though real growth needs to be adjusted for it.
Improved GST collections often indicate better tax compliance and a wider tax base, driven by measures like e-invoicing and data analytics.
The governing body for GST, responsible for making recommendations to the Union and State Governments on issues related to GST, including rates, exemptions, rules, and procedures. It is chaired by the Union Finance Minister.
GS Paper 3: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. Government Budgeting. Indirect Taxation.
General Awareness: Indian Economy, Taxation System, Current Affairs.
Economic & Financial Awareness: Indian Economy, Fiscal Policy, Taxation, Current Economic Data.
General Awareness: Indian Economy, Basic Taxation Concepts, Current Affairs.
With reference to the expenditure made by an organisation or a company, which of the following statements is/are correct? 1. Acquiring new technology is capital expenditure. 2. Debt financing is considered capital expenditure, while equity financing is considered revenue expenditure. Select the correct answer using the code given below:
Answer: 1 only
Which one of the following effects of creation of black money in India has been the main cause of worry to the Government of India?
Answer: Loss of revenue to the State Exchequer due to tax evasion
Consider the following statements: 1. Tax revenue as a percent of GDP of India has steadily increased in the last decade. 2. Fiscal deficit as a percent of GDP of India has steadily increased in the last decade. Which of the statements given above is/are correct?
Answer: Neither 1 nor 2
High
Goods and Services Tax, a comprehensive indirect tax.
Central Goods and Services Tax, levied by the Central Government.
State Goods and Services Tax, levied by State Governments.
Integrated Goods and Services Tax, levied on inter-state supplies and imports.
The apex decision-making body for GST.
The difference between the government's total expenditure and its total revenue (excluding borrowings).