Tag: GST

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[Mission 2023] INSIGHTS DAILY CURRENT AFFAIRS + PIB SUMMARY 20 February 2023

InstaLinks :  help you think beyond the issue but relevant to the issue from UPSC prelims and Mains exam point of view. These linkages provided in this ‘hint’ format help you frame possible questions ina your mind that might arise(or an examiner might imagine) from each current event. InstaLinks also connect every issue to their …

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[Mission 2023] INSIGHTS DAILY CURRENT AFFAIRS + PIB SUMMARY 16 January 2023

InstaLinks :  help you think beyond the issue but relevant to the issue from UPSC prelims and Mains exam point of view. These linkages provided in this ‘hint’ format help you frame possible questions in your mind that might arise(or an examiner might imagine) from each current event. InstaLinks also connect every issue to their …

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Decriminalisation of offences under GST

GS Paper 3 Syllabus: Indian Economy and issues relating to Planning, Mobilization of Resources   Source: TH  Direction: The article discusses provisions of the GST law that criminalises certain activities and the recommendations of the GST council to decriminalise such activities and their impact.  Context: The Finance Minister chaired the 48th GST Council, which recommended …

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GST compensation:

GS Paper 2: Syllabus: Government policies and interventions for development in various sectors and issues arising out of their design and implementation.   Context: The Centre has released the entire amount of Goods and Services Tax (GST) compensation payable to States up to May 31, 2022 by releasing an amount of ₹86,912 crore. This is …

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GST Council’s proposals not binding on Centre, States:

GS Paper 2: Syllabus: Parliament and State Legislatures – structure, functioning, conduct of business, powers & privileges and issues arising out of these.   Context: The Supreme Court has upheld Gujarat High Court ruling which said the Centre cannot levy Integrated Goods and Services Tax (IGST) on ocean freight from Indian importers.       …

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GST compensation:

GS Paper 2: Topics Covered: Government policies and interventions for development in various sectors and issues arising out of their design and implementation.   Context: Finance Ministers of several States have demanded that the GST compensation scheme be extended beyond June 2022.   What’s the issue? The adoption of GST was made possible by States …

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What is Input Tax Credit (ITC)?

GS Paper 3 Topics Covered: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment.   Context: The Supreme Court has confirmed a Madras High Court judgment which upheld a fiscal formula included in the Central Goods and Service Tax Rules to execute refund of unutilised Input Tax Credit (ITC) accumulated on …

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Insights into Editorial: The financial capacity of States is being weakened

  Introduction: State governments drive a majority of the country’s development programmes. Greater numbers of people depend on these programmes for their livelihood, development, welfare and security. Varied economic growth and income levels across States confirm the primacy of State governments in the economic sphere as well. States need resources to deliver these responsibilities and …

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GST Compensation

Topics Covered: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. GST Compensation: Context: The Goods and Services Tax (GST) Council has failed again to reach an agreement on the contentious issue of borrowings to meet shortfalls in cess collections used to recompense the States for revenue losses from the …

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