1st MAY 2024 ENGLISH TNPSC CURRENT AFFAIRS PDF TNPSC SHOUTERS
GST Collection in April 2024
- India's total Goods and Services Tax (GST) collection rose to Rs 2.10 lakh crore in April (for year-end sales in March), data released by the finance ministry on Wednesday (May 1) showed.
- Total GST collections rose 12.4 percent in April, mainly due to an increase in domestic transactions, which rose 13.4 percent year-on-year, and higher compliance on the back of anti-evasion measures by the authorities.
- This is the highest level of GST collection recorded since July 2017 when indirect tax was introduced. The previous highest recorded under GST was Rs 1.87 lakh crore in April 2023, reflecting the year-end sales of March 2023.
- After accounting for refunds, the net GST revenue for April 2024 is Rs. 1.92 lakh crore, which is 17.1 percent higher than the same period last year.
- 'Total Goods and Services Tax (GST) collection reached Rs 2.10 lakh crore in April 2024. This represents a significant year-on-year growth of 12.4 per cent, driven by strong increases in domestic transactions (up 13.4 per cent) and imports (up 8.3 per cent),'' the finance ministry said in a statement.
- In April, out of 38 states/UTs (including Union jurisdiction), 19 states/UTs recorded higher growth in GST collection than the national average growth of 12.4 per cent.
- On an absolute basis, Maharashtra topped the list with collections of Rs 37,671 crore (13 per cent growth), Karnataka Rs 15,978 crore (9 per cent growth) and Rs 13,301 crore (13 per cent growth).
- Uttar Pradesh collected Rs 12,290 crore (19 per cent growth), Tamil Nadu collected Rs 12,210 crore (6 per cent growth) and Haryana collected Rs 12,168 crore (21 per cent growth).
- Overall, the total GST collection in April was Rs 2,10,267 crore, including Central GST, a tax levied by the central government on inter-state goods and services, and Rs 43,846 crore, a state tax levied on inter-state goods and services - Rs. 53,538 crore, the consolidated GST, a tax levied on all inter-state goods and services – Rs. 99,623 crore (including Rs. 37,826 crore collected on import of goods) and cess (including Rs. 1,008 crore collected on import of goods) was Rs.13,260 crore.
- In April, the government settled Rs 50,307 crore to central GST and Rs 41,600 crore to state GST from integrated GST. As a result, the total revenue for the post-settlement month was Rs 94,153 crore for the central government and Rs 95,138 crore for the state GST.
- The Torpedo System Supersonic Missile was successfully test-fired today at 08.30 am from the Dr APJ Abdul Kalam Island off Odisha coast. SMART is a next-generation missile-based lightweight torpedo delivery system.
- It was designed and developed by the Defense Research and Development Organization (TRDO) to enhance the anti-submarine warfare capability of the Indian Navy.
- This missile system has several advanced sub-systems. It has two-stage solid propulsion system, electromechanical actuator system, precision navigation system etc. The system carries an advanced lightweight torpedo as payload and a parachute-based launch system. The missile was launched from the ground.
