Syllabus: GS-III
Subject: Indian Economy
Topic: Government Budgeting.
Context: Revenues cross ₹1,64,800 crore last month, about 1.8% lower than the amount collected in November; it marks seventh successive month of ₹1.6 lakh crore plus receipts, says Ministry
Synopsis:
- year on year growth slowing to a three-month low of 10.3% from a 15.1% rise in the previous month.
- The average monthly gross GST kitty in the first nine months of 2023-24 stands at ₹66 lakh crore, compared to ₹1.49 lakh crore a year earlier.
- GST Compensation Cess collections stood at ₹12,249 crore, of which ₹1,079 crore was levied on goods imports.
- The consistent mark of above ₹6 lakh crore provides fiscal confidence amid various global headwinds.
Background:
GST Compensation cess:
- GST Compensation Cess or GST Cess was introduced by the government to compensate for the possible revenue losses suffered by such manufacturing states.
- Compensation cess is levied on five products considered to be. ‘sin’ or luxury as mentioned in the GST (Compensation to States) Act, 2017.
- Initially valid only for five years from 2017 to 2022, The Centre has extended by four years till March 31, 2026.
- Good and Services Tax:
