Daily Current Affairs for UPSC Civil Services Exam – 02 December 2020

Daily Current Affairs for UPSC Civil Services Exam – 02 December 2020

In Today’s News:

  1. GST collections over Rs.1 lakh crore for the second consecutive month.

1. GST collections over Rs.1 lakh crore for the second consecutive month.

News Summary

Revenue from the Goods and Services Tax(GST) exceeded One Lakh Crore Rupees for the second consecutive month in November. GST collections were Rs.1,04,963 crore in November which is 1.4% higher than the previous year. This indicates the resumption of economic activity after the COVID-19 lockdown.

Prelims GS – Economic Development

GST:
  • GST was introduced by the 101st Amendment act 2016
  • Goods and Service Tax is a One Nation One Tax
  • Removal of all indirect taxes took place and a single indirect tax GST was introduced
GST COUNCIL :
  • Constitutional Body
  • Art 279A deals with GST Council
  • It is a joint Forum of the Centre and the States
  • CHAIRPERSON: UNION FINANCE MINISTER
  • Every decision of the Goods and Services Tax Council shall be taken at a meeting, by a majority of not less than three-fourths of the weighted votes of the members present and voting, in accordance with the following principles, namely: —
    • the vote of the Central Government shall have a weightage of one-third of the total votes cast, and
    • The votes of all the State Governments taken together shall have a weightage of two-thirds of the total votes cast, in that meeting.

Mini Insights

Mains GS3 – Economic Development

Key Features of GST:
  • GST would apply to all goods and services except Alcohol for human consumption.
  • GST on five specified petroleum products (Crude, Petrol, Diesel, ATF & Natural Gas) would be applicable from a date to be recommended by the GSTC.
  • Tobacco and tobacco products would be subject to GST. In addition, the Centre would have the power to levy Central Excise duty on these products.
GST Councils role in this GST regime:
  • GST Council will discuss how GST rates can be fixed.
  • Different Slabs like 0%,12%,18%,28% will be fixed in the GST council.
  • Help in the State Finance Ministers to have a healthy discussion on the GST as they also form a part of the GST Council.
  • GST Council ensures a consultative process between the States and the Centre.
  • A mechanism for adjudication is also available for solving disputes between Centre and States or between States

 

For more information on GST Council, visit the official website

 

 

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