02nd January 2025 (9 Topics)
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GST Collection
Context
The total gross Goods and Services Tax (GST) revenue grew 7.3 per cent to Rs 1.77 lakh crore in December as compared to Rs 1.65 lakh crore in the same month a year ago.
GST Collection
- The total gross GST revenue for December was split across the following categories:
- Central GST (CGST):Rs 32,836 crore
- State GST (SGST):Rs 40,499 crore
- Integrated GST (IGST):Rs 47,783 crore (including Rs 18,310 crore collected on imports)
- Cess:Rs 11,471 crore (including Rs 1,258 crore collected on imports)
What is GST?
- GST (Goods and Services Tax), is an indirect tax imposed in India on the supply of goods and services.
- GST was introduced in India on July 1, 2017.
- A value-added tax, GST is imposed at each stage of the supply chain on the exact amount of value-addition achieved. Applicable across India, GST can also be described as a destination-based tax on consumption.
- Types of GST: GST is divided into four types:
- Central Goods and Services Tax or CGST: CGST is imposed on the supply of products and services from one state to another.
- State Goods and Services Tax or SGST: SGST is imposed on the supply of goods and services within a state.
- Integrated Goods and Services Tax or IGST:IGST is imposed on inter-state transactions of products and services.
- Union Territory Goods and Services Tax or UTGST:UTGST is charged on the supply of products and services in Union Territories along with CGST.
- GST Council:
- The GST Council is a joint forum of the centre and the states. The GST Council is responsible for making recommendations to the union and the states on GST-related issues.
- The GST Council consists of the following members:
- Union finance minister as the chairperson.
- Union minister of state, in charge of revenue of finance as a member.
- Minister in charge of finance or taxation or any other minister nominated by each state government as members.
PYQQ. Consider the following items: (UPSC 2018)
Which of the above items is/are exempted under GST (Goods and Services Tax)?
Solution: (c) Q. What is/are the most likely advantages of implementing ‘Goods and Services Tax (GST)’? (UPSC 2017)
Select the correct answer using the code given below:
Solution: (a) |
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