GST revenue collection : GST Revenue Reached Second-Highest Mop-Up of Rs 1.56 Lakh Crore in January
The Goods and Services Tax (GST) collection for the month of January 2022 reached a second-highest mop-up of Rs 1.56 lakh crore, according to the Ministry of Finance. The revenue collected in January is 11.6% higher than the revenue collected in the same month last year. This increase in revenue collection indicates the continued economic recovery in the country.
The GST collection for the month of January 2022 was composed of Rs 23,228 crore of Central GST, Rs 29,915 crore of State GST, and Rs 1.03 lakh crore of Integrated GST. Additionally, there was a cess collection of Rs 23,280 crore, of which Rs 4,167 crore was collected from the cess on the import of goods.
The Ministry of Finance stated that the improved GST revenue collection can be attributed to increased compliance measures, including anti-evasion measures, and the economic recovery in the country after the impact of the Covid-19 pandemic.
The GST revenue collection is an important indicator of the economic growth and development of the country. The increased revenue collection shows that the economy is recovering from the impact of the pandemic and that there is an increased compliance with the tax laws in the country. This news is particularly relevant for students preparing for government exams for various positions, including teachers, police officers, banking, railways, defense, and civil service positions like PSCS to IAS. The knowledge of the economic situation in the country is an important part of the general awareness section of most government exams.
Historical Context:
The Goods and Services Tax (GST) was introduced in India on July 1, 2017, as a comprehensive indirect tax on the manufacture, sale, and consumption of goods and services throughout India. The GST replaced multiple cascading taxes levied by the central and state governments, and it has simplified the tax structure in the country.
Since its introduction, the GST has been a major focus of the government’s efforts to improve the tax system in the country. The government has introduced several measures to increase compliance and revenue collection, including anti-evasion measures, the introduction of the e-way bill system, and the simplification of the return filing process.
Key Takeaways from “GST Revenue Reached Second-Highest Mop-Up of Rs 1.56 Lakh Crore in January”:
| Serial Number | Key Takeaway |
|---|---|
| 1. | The GST collection for January 2022 reached a second-highest mop-up of Rs 1.56 lakh crore. |
| 2. | The revenue collected in January 2022 is 11.6% higher than the revenue collected in the same month last year. |
| 3. | The improved GST revenue collection can be attributed to increased compliance measures and the economic recovery in the country. |
| 4. | The increased revenue collection indicates the continued economic recovery in the country. |
| 5. | The GST revenue collection is an important indicator of the economic growth and development of the country. |
Important FAQs for Students from this News
Q. What is GST?
A. GST stands for Goods and Services Tax. It is a comprehensive indirect tax on the manufacture, sale, and consumption of goods and services throughout India.
Q. When was GST introduced in India?
A. GST was introduced in India on July 1, 2017.
Q. What is the significance of the increased GST revenue collection?
A. The increased GST revenue collection indicates the continued economic recovery in the country and increased compliance with tax laws.
Q. What are some measures taken by the government to improve GST compliance and revenue collection?
A. The government has introduced several measures to increase compliance and revenue collection, including anti-evasion measures, the introduction of the e-way bill system, and the simplification of the return filing process.
Q. Why is knowledge of GST revenue collection important for students preparing for government exams?
A. The knowledge of the economic situation in the country is an important part of the general awareness section of most government exams.
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