The Hindu Editorial Analysis : 7th December 2023

The Hindu Editorial Analysis

The Importance of Reading The Hindu Editorial: Reading The Hindu newspaper has several benefits, including improving reading skills, facilitating comprehension, staying informed of current events, enhancing essay writing, and more. For individuals aiming for a career in banking, reading editorials is crucial for vocabulary building. In this article, we will examine today’s editorials, provide practice questions, and highlight important vocabulary words.

Need Certainty On Goods and Services Tax:

• 1st July 2017,Goods and Services Tax came into effect and now it has completed six and half years with some positive impacts on the economy.
• The GST collection for the month of October and November in this fiscal year 2023 is almost 3.4 lakh crore.
• The GST collection in October 2023 is the second highest monthly collection of GST revenues. If we talk about November’s GST collection, it stands as the third highest collection.
• The GST collection for the month of October and November has also shown the accelerated growth rate cumulative with September 2023 recording 10.2 percent growth.
• The GST inflows in October month recorded 13.4 percent growth and in November month it was 15.1 percent.
• Last month also witnessed festival fervor which further fostered the revenues for this month and went almost 1.68 lakh crore.
• The domestic transactions in the month of October went high due to the festival spending.
• Before October and November there were only three instances when GST collections had crossed 1.65 lakh crore and this happened because of the year end compliances.
• The average GST collection for 2023-24 stands till now is 1.66 lakh crore.
• Many economists have believed that GST revenues for this fiscal year may surpass budget estimates even with the slowdown in the final quarter of this fiscal year.
• GST was promised to be a simple and less complicated Tax from the government. Now the time has come when the government realizes its promise and considers resetting its passion and work towards making GST a simple and less complicated Tax for the citizens of this country.
• There are some grounds where GST needs to get some certainty. There are some concerns about the manner of GST demand notices especially in industrial areas and in recent months some investigation had also been placed.
• The certainty in GST is the need of the hour so that it can provide comfort to the investors in the country and they will soon start to believe that Tax regime in India is stable and predictable.
• Pending appeals of taxpayers in the country hit nearly 15000 cases by October 2023. This becomes mandatory for the GST council to complete the pendency and set a clear example for the future taxpayers in the country.
• There are some items which are excluded from GST like petroleum and electricity. Now the time has come to draw a roadmap to bring these items into the GST regime.

Important Questions:

1. What is the GST collection for the month of October 2023?
2. What is the reason behind the high collection of GST revenues?

Important vocabs:

1. Fervor: intense feeling
2. Buoyant: able to keep afloat
3. Dithering: be indecisive
4. Bolstered: support and strengthen
5. Surpass: be greater than

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