Goods and Services Tax (GST)

By Amigos IAS

Why is it in the news?

  • India’s gross Goods and Services Tax (GST) revenue growth slowed to 10.2% in September. This marked a 27-month low in GST revenue growth.
  • Despite the slowdown, collections improved by 2.3% compared to August, reaching ₹1,62,712 crore.
  • It’s the fourth time in the fiscal year 2023-24 that GST collections crossed ₹1.60 lakh crore.


Goods and Service Tax (GST)

  • GST is an indirect tax which has subsumed many indirect taxes in India such as excise duty, VAT, services tax, etc. It excludes taxes of alcohol, petroleum, electricity and basic custom duties.
  • It was implemented in the year 2017 through the 101st Constitutional Amendment Act, 2016.
  • Moreover, it is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.
  • It has brought uniformity in tax jurisdiction in India i.e., ‘’One Country One Tax System’’

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