{"id":2179,"date":"2023-04-01T10:34:00","date_gmt":"2023-04-01T05:04:00","guid":{"rendered":"https:\/\/edunovations.com\/currentaffairs\/?p=2179"},"modified":"2023-04-25T11:02:52","modified_gmt":"2023-04-25T05:32:52","slug":"gst-revenue-collection-increases-13-to-rs-1-60-lakh-crore-in-march-2023-news-on-air","status":"publish","type":"post","link":"https:\/\/edunovations.com\/currentaffairs\/economy_finance\/gst-revenue-collection-increases-13-to-rs-1-60-lakh-crore-in-march-2023-news-on-air\/","title":{"rendered":"&#8220;GST Revenue Collection Increases 13% to Rs. 1.60 Lakh Crore in March 2023 &#8211; News on Air&#8221;"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/edunovations.com\/currentaffairs\/economy_finance\/gst-revenue-collection-increases-13-to-rs-1-60-lakh-crore-in-march-2023-news-on-air\/#GST_revenue_collection_increases_13_to_%E2%82%B9160_lakh_crore_in_March_2023\" >GST revenue collection increases 13% to \u20b91.60 lakh crore in March 2023<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/edunovations.com\/currentaffairs\/economy_finance\/gst-revenue-collection-increases-13-to-rs-1-60-lakh-crore-in-march-2023-news-on-air\/#Why_this_News_is_important\" >Why this News is important<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/edunovations.com\/currentaffairs\/economy_finance\/gst-revenue-collection-increases-13-to-rs-1-60-lakh-crore-in-march-2023-news-on-air\/#Historical_context\" >Historical context<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/edunovations.com\/currentaffairs\/economy_finance\/gst-revenue-collection-increases-13-to-rs-1-60-lakh-crore-in-march-2023-news-on-air\/#Key_takeaways_from_%E2%80%9CGST_revenue_collection_increases_13_to_%E2%82%B9160_lakh_crore_in_March_2023%E2%80%9D\" >Key takeaways from &#8220;GST revenue collection increases 13% to \u20b91.60 lakh crore in March 2023&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/edunovations.com\/currentaffairs\/economy_finance\/gst-revenue-collection-increases-13-to-rs-1-60-lakh-crore-in-march-2023-news-on-air\/#Important_FAQs_for_Students_from_this_News\" >Important FAQs for Students from this News<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/edunovations.com\/currentaffairs\/economy_finance\/gst-revenue-collection-increases-13-to-rs-1-60-lakh-crore-in-march-2023-news-on-air\/#Q_What_is_GST\" >Q. What is GST?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/edunovations.com\/currentaffairs\/economy_finance\/gst-revenue-collection-increases-13-to-rs-1-60-lakh-crore-in-march-2023-news-on-air\/#Q_What_is_GST_revenue_collection\" >Q. What is GST revenue collection?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/edunovations.com\/currentaffairs\/economy_finance\/gst-revenue-collection-increases-13-to-rs-1-60-lakh-crore-in-march-2023-news-on-air\/#Q_What_is_the_significance_of_GST_revenue_collection_for_the_Indian_economy\" >Q. What is the significance of GST revenue collection for the Indian economy?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/edunovations.com\/currentaffairs\/economy_finance\/gst-revenue-collection-increases-13-to-rs-1-60-lakh-crore-in-march-2023-news-on-air\/#Q_What_is_the_target_for_GST_revenue_collection_in_2023-24\" >Q. What is the target for GST revenue collection in 2023-24?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/edunovations.com\/currentaffairs\/economy_finance\/gst-revenue-collection-increases-13-to-rs-1-60-lakh-crore-in-march-2023-news-on-air\/#Q_What_are_the_various_rates_of_GST\" >Q. What are the various rates of GST?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/edunovations.com\/currentaffairs\/economy_finance\/gst-revenue-collection-increases-13-to-rs-1-60-lakh-crore-in-march-2023-news-on-air\/#Some_Important_Current_Affairs_Links\" >Some Important Current Affairs Links<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"GST_revenue_collection_increases_13_to_%E2%82%B9160_lakh_crore_in_March_2023\"><\/span>GST revenue collection increases 13% to \u20b91.60 lakh crore in March 2023<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Goods and Services Tax (GST) revenue collection in India has increased by 13% to \u20b91.60 lakh crore in March 2023, according to the Ministry of Finance. The government&#8217;s efforts to curb tax evasion, streamline tax administration, and promote digital transactions have resulted in the increase in GST collections.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The GST collections in March 2023 are higher than the \u20b91.42 lakh crore collected in March 2022. The growth rate in GST collections for March 2023 is the highest in the last six months. The GST collections have been showing an upward trend since September 2022, indicating a revival of economic activity in the country.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The GST collections for March 2023 include \u20b974,634 crore collected as Central GST, \u20b976,582 crore collected as State GST, and \u20b99,842 crore collected as Integrated GST. The GST collections for the financial year 2022-23 stood at \u20b915.77 lakh crore, exceeding the government&#8217;s revised estimate of \u20b915.25 lakh crore.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\" id=\"GST-revenue-collection\"><img decoding=\"async\" width=\"750\" height=\"472\" src=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/04\/GST-revenue-collection.jpg\" alt=\"GST revenue collection\" class=\"wp-image-2186\" title=\"GST revenue collection\" srcset=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/04\/GST-revenue-collection.jpg 750w, https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/04\/GST-revenue-collection-300x189.jpg 300w, https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/04\/GST-revenue-collection-150x95.jpg 150w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><figcaption class=\"wp-element-caption\">GST revenue collection<\/figcaption><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_this_News_is_important\"><\/span>Why this News is important<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The increase in GST revenue collection is significant for the Indian economy, as it indicates a revival of economic activity in the country. GST is the biggest tax reform in India since independence, and it aims to simplify the tax structure, increase tax compliance, and promote economic growth. The increase in GST revenue collection also indicates that the government&#8217;s efforts to curb tax evasion and promote digital transactions are yielding positive results.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Historical_context\"><\/span>Historical context<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The GST was introduced in India on 1 July 2017, replacing multiple indirect taxes such as excise duty, service tax, and value-added tax. The GST is a comprehensive tax levied on the supply of goods and services, and it has a dual structure of Central GST and State GST. The GST Council, consisting of the finance ministers of the central and state governments, is responsible for making recommendations on the rates, exemptions, and classification of goods and services under the GST.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the initial years of the GST implementation, there were several issues such as technical glitches in the GST Network, confusion over the GST rates, and protests by the traders. However, the government has taken several steps to address these issues and streamline the tax administration, resulting in an increase in GST revenue collection.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_takeaways_from_%E2%80%9CGST_revenue_collection_increases_13_to_%E2%82%B9160_lakh_crore_in_March_2023%E2%80%9D\"><\/span>Key takeaways from &#8220;GST revenue collection increases 13% to \u20b91.60 lakh crore in March 2023&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Serial Number<\/th><th>Key takeaway<\/th><\/tr><\/thead><tbody><tr><td>1.<\/td><td>The GST revenue collection in India has increased by 13% to \u20b91.60 lakh crore in March 2023.<\/td><\/tr><tr><td>2.<\/td><td>The government&#8217;s efforts to curb tax evasion, streamline tax administration, and promote digital transactions have resulted in the increase in GST collections.<\/td><\/tr><tr><td>3.<\/td><td>The growth rate in GST collections for March 2023 is the highest in the last six months, indicating a revival of economic activity in the country.<\/td><\/tr><tr><td>4.<\/td><td>The GST collections for the financial year 2022-23 stood at \u20b915.77 lakh crore, exceeding the government&#8217;s revised estimate of \u20b915.25 lakh crore.<\/td><\/tr><tr><td>5.<\/td><td>The increase in GST revenue collection indicates that the government&#8217;s efforts to curb tax evasion and promote digital transactions are yielding positive results.<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">GST revenue collection<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Important_FAQs_for_Students_from_this_News\"><\/span>Important FAQs for Students from this News<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_What_is_GST\"><\/span>Q. What is GST? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A. Goods and Services Tax (GST) is an indirect tax imposed on the supply of goods and services in India. It is a comprehensive tax that has replaced many indirect taxes like excise duty, VAT, service tax, etc.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_What_is_GST_revenue_collection\"><\/span>Q. What is GST revenue collection?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"> A. GST revenue collection refers to the amount of tax collected under the Goods and Services Tax regime.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_What_is_the_significance_of_GST_revenue_collection_for_the_Indian_economy\"><\/span>Q. What is the significance of GST revenue collection for the Indian economy?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"> A. GST revenue collection is an important indicator of the health of the Indian economy. It is used to fund various development projects and welfare schemes of the government.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_What_is_the_target_for_GST_revenue_collection_in_2023-24\"><\/span>Q. What is the target for GST revenue collection in 2023-24? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A. The target for GST revenue collection in 2023-24 is Rs. 20 lakh crore.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_What_are_the_various_rates_of_GST\"><\/span>Q. What are the various rates of GST?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"> A. GST has four rates &#8211; 5%, 12%, 18% and 28%. 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The government&#8217;s efforts to curb tax evasion, streamline tax administration, and promote digital transactions have resulted&#8230;<\/p>\n","protected":false},"author":5,"featured_media":2187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[144,10],"tags":[248,268,267,1569,1570,266],"class_list":["post-2179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy_finance","category-national","tag-government-schemes","tag-gst","tag-indian-economy","tag-indirect-tax","tag-revenue","tag-tax-collection"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts\/2179","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/comments?post=2179"}],"version-history":[{"count":0,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts\/2179\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/media\/2187"}],"wp:attachment":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/media?parent=2179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/categories?post=2179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/tags?post=2179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}