Tag: GST

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Evaluate the role of GST policy in balancing revenue generation with economic growth. Should indirect tax reforms prioritize affordability or fiscal stability? Discuss.

Topic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. Inclusive growth and issues arising from it Q6. Evaluate the role of GST policy in balancing revenue generation with economic growth. Should indirect tax reforms prioritize affordability or fiscal stability? Discuss. (15M) Difficulty Level: Medium Reference: DH Why the question: …

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Urban Fiscal Architecture in India

Syllabus: Local bodies Source:  TH  Context: India’s municipalities, which contribute nearly two-thirds of the national GDP, control less than 1% of total tax revenue. A recent analysis highlights how over-centralisation of taxes post-GST has crippled city finances. About Urban Fiscal Architecture in India: Structural Flaw in Urban Fiscal Architecture: Revenue–Responsibility Mismatch: Cities generate 66% of …

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Evaluate the performance of States in augmenting their own tax revenues since Goods and Service Tax (GST) implementation. What lessons can be drawn for future fiscal devolution frameworks?

Topic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment Q5. Evaluate the performance of States in augmenting their own tax revenues since Goods and Service Tax (GST) implementation. What lessons can be drawn for future fiscal devolution frameworks? (15 M) Difficulty Level: Medium Reference: TH Why the question Amidst …

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Rethink the dynamics of India’s fiscal federalism

GS Paper 3  Syllabus: Government Budgeting   Source: TH  Context: The evolving dynamics of India’s fiscal federalism require reconsideration due to various factors, such as the shift to a market-based economy, changes in the fiscal landscape, and amendments to the Constitution.   What is the meaning of India’s fiscal federalism? India’s fiscal federalism refers to …

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Tax on online gaming: What the GST Council’s decision says, its implications

GS Paper 3 Syllabus: Issues related to the Indian economy   Source: IE    Context: The Goods and Services Tax (GST) Council, in its 50th meeting, decided to levy a uniform 28% tax on full face value for online gaming, casinos and horse racing.   Decision to levy 28% uniform tax on online gaming: Earlier, …

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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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