{"id":301509,"date":"2024-06-21T20:56:47","date_gmt":"2024-06-21T15:26:47","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=301509"},"modified":"2024-06-21T20:56:47","modified_gmt":"2024-06-21T15:26:47","slug":"gst-council-meet-and-way-forward","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/gst-council-meet-and-way-forward\/","title":{"rendered":"GST Council Meet and way forward"},"content":{"rendered":"<p><strong>Source<\/strong>-This post on<strong> GST Council Meet<\/strong> has been created based on the article \u201c<strong>Move ahead &#8211; The GST Council must not dither any further on pending reforms<\/strong>\u201d published in \u201c<strong>The Hindu<\/strong>\u201d on 20 June 2024.<\/p>\n<p><strong>UPSC Syllabus- GS Paper-3- <\/strong>Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment.<\/p>\n<p><strong>Context<\/strong> -GST completed seven years in June 2024. In April, revenues hit a record \u20b92.1 lakh crore due to year-end compliance. May saw a slight dip to \u20b91,72,739 crore, up nearly 10% from last year but slower growth since July 2021 amid COVID-19 disruptions. Domestic transaction revenues grew by 15.3%, faster than the previous month.<\/p>\n<p>In the first month of the current fiscal year, revenues were 3% higher than the monthly average of \u20b91.68 lakh crore in 2023-24. However, there was a decline in revenues from goods imports for the second time in three months, showing some instability.<\/p>\n<p>Read more<a href=\"https:\/\/forumias.com\/blog\/7-years-of-gst\/#:~:text=GST%20has%20proven%20to%20be,businesses%2C%20has%20shown%20significant%20benefits.\">-7 Years of GST<\/a><\/p>\n<h2><strong>What are the concerns regarding GST revenues?<\/strong><\/h2>\n<p>1) There have been uneven revenue growth rates across states, with five states experiencing a decline in May and eight growing slower than the national average.<\/p>\n<p>2) Council Meeting Frequency: It is usually expected to meet quarterly.However,only six meetings have been held since 2022<\/p>\n<h2><strong>What is the current agenda of the GST Council?<\/strong><\/h2>\n<p>1) The GST Council, meeting for the first time since October last year, has routine tasks such as reviewing past decisions and providing clarifications.<\/p>\n<p>2) There is also a push to advance broader reforms, including rationalizing the GST&#8217;s complex rate structure and lowering levies on items like cement and insurance.<\/p>\n<p>3) The Council aims to simplify compliance, especially for smaller firms.<\/p>\n<h2><strong>What should be the way forward?<\/strong><\/h2>\n<p>1) The GST Council needs to meet more frequently, it has convened only six times since 2022, well below the expected quarterly meetings.<\/p>\n<p>2) There is a need to include currently excluded items such as electricity and petroleum products in the GST framework to facilitate easier credit claiming for businesses.<\/p>\n<p>3) The Council should prioritize reforms to achieve the original goal of making GST a simpler and more efficient tax system. This includes restarting work on rationalizing the rate structure and ensuring all businesses benefit from simplified procedures.<\/p>\n<p><strong>Question for practice<\/strong><\/p>\n<p>What are the issues concerning GST revenues? What steps should be taken moving forward?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source-This post on GST Council Meet has been created based on the article \u201cMove ahead &#8211; The GST Council must not dither any further on pending reforms\u201d published in \u201cThe Hindu\u201d on 20 June 2024. UPSC Syllabus- GS Paper-3- Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Context -GST&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/gst-council-meet-and-way-forward\/\">Continue reading <span class=\"screen-reader-text\">GST Council Meet and way forward<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,167],"tags":[216,8184,10498],"class_list":["post-301509","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-economy-subject","tag-gs-paper-3","tag-indian-economy","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/301509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=301509"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/301509\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=301509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=301509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=301509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}