{"id":36157,"date":"2023-07-02T06:18:37","date_gmt":"2023-07-02T00:48:37","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=36157"},"modified":"2025-04-21T15:46:28","modified_gmt":"2025-04-21T10:16:28","slug":"gst-collection-rises-12-to-over-rs-161-lakh-crore-in-june","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/gst-collection-rises-12-to-over-rs-161-lakh-crore-in-june\/","title":{"rendered":"GST Collection Rises 12% to over Rs 1.61 Lakh Crore in June"},"content":{"rendered":"<h3><strong>What\u2019s in today\u2019s article?<\/strong><\/h3>\n<ul>\n<li><strong>Why in News?<\/strong><\/li>\n<li><strong>About Goods and Services Tax<\/strong><\/li>\n<li><strong>GST Rate Slabs<\/strong><\/li>\n<li><strong>About GST Council<\/strong><\/li>\n<li><strong>Role of GST Council<\/strong><\/li>\n<li><strong>Composition of GST Council<\/strong><\/li>\n<li><strong>Decision-making of GST Council<\/strong><\/li>\n<li><strong>News Summary<\/strong><\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<h2><strong>Why in News?<\/strong><\/h2>\n<ul>\n<li>The Finance Ministry said that the GST collections rose 12 per cent to over Rs 1.61 lakh crore in June, 2023.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>About Goods and Services Tax<\/strong><\/h2>\n<ul>\n<li>Goods and Services Tax is a <strong>single indirect tax<\/strong> which has replaced multiple indirect taxes in India such as the excise duty, VAT, services tax, etc.<\/li>\n<li>GST is levied on the supply of goods and services in India. It came into effect from <strong>July 2017<\/strong>.<\/li>\n<li><strong>Objective<\/strong>: To remove the ambiguity and bring equality in the prices of products across the country.<\/li>\n<li>It eventually <strong><u>aspires to reduce the manufacturing cost of businesses and create a unified and streamlined market<\/u><\/strong> where the cost of goods and services will be more even across the country.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>GST Rate Slabs<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/PXkQTyNMGsiv6vNt4fu6Y8WOzLKidZqzEueJBJGIVSCrpOqZUUb6E3qIJu24YUVgL5KkC77yTQ-owbu2sKm7jHZ3IrnjRMbHDUU7Lu8UgTRpVBCi2cEqSEk4tgvdKmcc8Qwq0boFUm8KGxZlLY03ToQ\" alt=\"\" \/><\/p>\n<p>Image Caption: GST Rate Slabs<\/p>\n<ul>\n<li>The rates are notified on the recommendation of the <strong>GST Council<\/strong>.<\/li>\n<li>GST rates have been structured in a way that essential services and food items are placed in the lower tax brackets, while luxury services and products have been placed in the higher tax bracket.<\/li>\n<li>The GST council has fitted over 1300 goods and 500 services under four tax slabs of <strong>5%<\/strong>, <strong>12%<\/strong>, <strong>18%<\/strong> and <strong>28%<\/strong> under GST.\n<ul>\n<li>This is aside the rate on gold that is kept at 3% and rough precious and semi-precious stones that are placed at a special rate of 0.25% under GST.<\/li>\n<\/ul>\n<\/li>\n<li>7% of goods and services fall under <u>exempted GST Rate Slab<\/u> i.e., <strong>0% <\/strong>tax.<\/li>\n<li>Some of these that are of regular consumption include fresh fruits and vegetables, milk, butter milk, curd, natural honey, flour, etc.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>About GST Council<\/strong><\/h2>\n<ul>\n<li>Goods and Services Tax (GST) Council is a <strong>Constitutional body<\/strong> formed under <strong>Article 279A<\/strong> of the Constitution.<\/li>\n<li>It was introduced by the <strong><u>101<\/u><sup><u>st<\/u><\/sup><u> Constitutional Amendment Act, 2016<\/u><\/strong>.\n<ul>\n<li><strong>Objective:<\/strong> To regulate and direct each and every step for the implementation of goods and service tax in the nation.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>Role of GST Council<\/strong><\/h2>\n<ul>\n<li>The GST Council makes recommendations to the centre and the states on the following matters:\n<ul>\n<li>Taxes, cess, and surcharge levied by the centre, states and local bodies which might be incorporated under GST.<\/li>\n<li>The goods and services that are subjected to or exempted from GST.<\/li>\n<li>The model of GST laws and allocation of Integrated Goods &amp; Services Tax (IGST) and the principles governing the place of supply.<\/li>\n<li>Special rates for a specific period to raise additional resources during a natural calamity.<\/li>\n<li>The date on which GST is to be levied on high-speed diesel, petroleum crude, natural gas, and aviation turbine fuel.<\/li>\n<li>The maximum limit of turnover below which goods and services might be exempted from GST.<\/li>\n<li>The rates including GST bands of floor rates.<\/li>\n<li>Any other GST related concern as deemed by the Council.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>Composition of GST Council<\/strong><\/h2>\n<ul>\n<li>The GST Council consists of the following members:\n<ul>\n<li>Union Finance Minister (Chairperson)<\/li>\n<li>Union Minister of State in-charge of Revenue and Finance<\/li>\n<li>Ministers in-charge of Finance or Taxation of all the States<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>Decision-making of GST Council<\/strong><\/h2>\n<ul>\n<li>GST Council is required to <strong><u>meet at least once in three months<\/u><\/strong>.<\/li>\n<li>Every decision of the GST Council has to be taken by a <strong><u>majority of not less than three-fourths of the weighted votes of the members present<\/u><\/strong>.\n<ul>\n<li>The vote of the central government has a weightage of one-third of the total votes cast, and<\/li>\n<li>The votes of all the state governments taken together have a weightage of two-thirds of the total votes cast in that meeting.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>News Summary<\/strong><\/h2>\n<p><strong>\u00a0<\/strong><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/Rskan0tslO10ZI7fj_WjNq4JbSSdt-HYBrTLy31mDQrSSGwa3OIZp61e8CBpbWOZChTd4i-3ywFqqBT8k2y1fDanl56-jg6qgSR00elpvTvWCi1xdrTU6soHQmjMu5TDRLlS4X5kmt2JiCrm0-cBGag\" alt=\"\" \/><\/p>\n<p>Image Caption: GST Collections<\/p>\n<ul>\n<li>The Finance Ministry said that the GST collections rose 12 per cent to over Rs 1.61 lakh crore in June, 2023.<\/li>\n<li>The gross <strong>GST collection has crossed Rs 1.60 lakh crore mark for the fourth time since the roll-out<\/strong> of the indirect tax regime six years ago on July 1, 2017.<\/li>\n<li>The revenues for June 2023 are 12 per cent higher than the GST revenues in the same month last year.<\/li>\n<li>The revenues had touched a record high of Rs 1.87 lakh crore in April, 2023.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3><strong>Q1)<\/strong>\u00a0<strong>What is Tax Buoyancy?<\/strong><\/h3>\n<p>Tax buoyancy explains the relationship between the changes in government&#8217;s tax revenue growth and the changes in GDP.<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>Q2) What is the basic difference between tax evasion and tax avoidance?<\/strong><\/h3>\n<p>Tax evasion means concealing income or information from tax authorities \u2014 and it&#8217;s illegal. Tax avoidance means legally reducing your taxable income.<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><strong>Source:\u00a0<\/strong><a href=\"https:\/\/indianexpress.com\/article\/business\/economy\/gst-mop-up-rises-12-percent-in-june-8696062\/\" target=\"_blank\" rel=\"nofollow noopener\"><u>GST mop-up rises 12% to over Rs 1.61 lakh crore in June<\/u><\/a>\u00a0 |\u00a0<a href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/gst-grows-12-to-over-rs-1-61-lakh-crore-in-june\/articleshow\/101415501.cms\" target=\"_blank\" rel=\"nofollow noopener\"><u>ToI<\/u><\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Goods and Services Tax is a single indirect tax.<\/p>\n","protected":false},"author":5,"featured_media":36158,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[],"class_list":{"0":"post-36157","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-mains-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/36157","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=36157"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/36157\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/36158"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=36157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=36157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=36157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}