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GST Overhaul: Balancing Reform with Fiscal Prudence Syllabus: GS Paper – 3 Fiscal Policy, Inclusive Growth Why in the News? The recent overhaul of the Goods and Services Tax (GST), effective from September 22, 2025, rationalized the tax structure by eliminating the 12% and 28% slabs, redistributing items into 5% and 18% categories. While this …
Read MoreWhy in the news? June’s GST revenue growth slowed to a three-year low of 7.74%. No official statement released by the Finance Ministry on GST collections. About Goods and Services Tax (GST): GST was introduced through the 101st Constitution Amendment Act, 2016. The GST has subsumed indirect taxes like excise duty, Value Added Tax (VAT), …
Read MoreWhy in the news? Industry leaders have put forth several key proposals to Finance Minister Nirmala Sitharaman during pre-Budget consultations, emphasizing the need for tax relief for the middle class and reforms benefiting Micro, Small, and Medium Enterprises (MSMEs). Source:Statesman Industry proposal: Income tax relief for middle class to boost consumption. Reconsider MSME payment deadline. …
Read MoreWhy in the news? The GST Council will hold its 53rd meeting on June 22, 2024, in New Delhi. This meeting comes eight-and-a-half months after the previous one. The Council, expected to meet quarterly, has convened only six times since 2022. source:medium About GST Council: Established: Post Constitutional (122nd Amendment) Bill, assented on September 8, …
Read MoreWhy in the news? Vijay Kelkar calls for urgent GST reform, advocating a single 12% rate and equitable revenue sharing with local governments. source:slideserve About the Proposal for Single GST Rate: Advocates adoption of a single GST rate of 12%, shared equally among all tiers of government, to streamline tax structure. Highlights success of countries …
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