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GST REVENUES UP 14% IN JUNE AMID RISING IMPORT-LED COLLECTIONS Why in the News? Revenue Growth: GST collections increased by 13.9% to ₹1.95 lakh crore in June 2026, marking the highest year-on-year growth in the last 13 months. Import Surge: The increase was largely driven by GST on imports, which grew by nearly 35%, significantly …
Read MoreUnderstand the main features of GST implementation, including concurrent taxation, input tax credit, compensation to states, GST Council, and destination-based taxation. Essential for GS Paper 3, this topic covers India’s biggest indirect tax reform and its economic impact.
Read MoreLUXURY CESS MAY BE MERGED INTO GST STRUCTURE Why in the News? Cess expiry: The Compensation Cess, extended till March 2026, may be integrated into GST rates post-expiry. GST Council talks: The Finance Ministry supports integrating cess on luxury and sin goods like SUVs, tobacco, and aerated drinks. Eight-year journey: Introduced in 2017 to compensate …
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