The Hindu Editorial Vocabulary 21st June 2024

The Hindu Editorial Vocabulary 21st June 2024 is an accessible resource for learning new words and meanings. Start your journey to know a set of difficult words. We cover synonyms and antonyms of words.

Hindu Vocab On Good & Services Tax (GST) & Reforms

Revenues from the Goods and Services Tax (GST), which completes seven years at the end of this month, hit a record high of ₹2.1 lakh crore in April that typically sees higher inflows due to a year-end compliance rush. Receipts in May, for transactions (an occasion when someone buys or sells something, or when money is exchanged or the activity of buying or selling something) undertaken in April, were the fifth highest ever at ₹1,72,739 crore, rising almost 10% from a year ago, compared with a 12.4% uptick in the previous month. This was the slowest rise since July 2021 when the second COVID-19 wave had dented economic activity. In the nearly three years since then, GST revenues have generally grown at least 11%. Compared with the average monthly receipts of ₹1.68 lakh crore in 2023-24, taxes pertaining (to be connected with a particular subject, event, or situation) to the first month of this fiscal are 3% higher. Although gross revenues from domestic transactions grew 15.3%, accelerating (becoming faster) from a 13.4% rise a month earlier, revenues from goods imports dipped for the second time in three months. Domestic revenue growth has also been uneven across States, with five recording a decline in May, and eight growing far slower than the national average. However, broader worries about GST revenues being underwhelming, voiced by the Union Finance Minister at a GST Council meeting in late 2021, have now receded.

This is, therefore, an opportune time for the Council, which is meeting this Saturday, to press the pedal on its pending reform agenda (a list of matters to be discussed at a meeting) to make it a truly Good and Simple Tax as originally envisaged (to imagine or expect something in the future, especially something good). Meeting for the first time since last October, the Council may have much routine work on its plate, including clarifications related to, and reviews of, past decisions such as the 28% levy on online games and casinos. However, it is hoped the Council will also find time for bigger things such as reviving the plan to rationalise (to try to find reasons to explain your behaviour, decisions, etc) GST’s complex, multiple-rate structure. A ministerial group, tasked with this agenda since 2021, must be asked to restart (to start something again) its work expeditiously. A new rate structure might also entail lower levies on items such as cement and insurance, for instance. A road map is also needed to bring excluded items such as electricity, natural gas, and petroleum products into the GST net to ensure businesses can avail credits for these inputs. Along with easing compliances for smaller firms as promised in the Bharatiya Janata Party’s election manifesto, there is room for simplifying the system for all businesses, including large ones which are compelled (having to do something, because you are forced to or feel it is necessary) to register in each State and face varying compliance (the act of obeying a law or rule, especially one that controls a particular industry or type of work) diktats. Not all of this can be discussed in one go. So, it is most critical that the Council, which is usually expected to meet every quarter but has been convened (to bring together a group of people for a meeting, or to meet for a meeting) just six times since 2022, resolves to meet more often.

Hindu Vocab Wordlist 21st June 2024

Upskill yourself and enhance your vocabulary knowledge. Candidates should begin learning new words daily with Hindu Editorial Vocabulary 21st June 2024.

• Transaction: An occasion when someone buys or sells something, or when money is exchanged or the activity of buying or selling something.
• Pertaining: To be connected with a particular subject, event, or situation.
• Accelerating: Becoming faster.
• Agenda: A list of matters to be discussed at a meeting.
• Envisaged: To imagine or expect something in the future, especially something good.
• Rationalise: To try to find reasons to explain your behaviour, decisions, etc.
• Restart: To start something again.
• Compelled: Having to do something, because you are forced to or feel it is necessary.
• Compliance: The act of obeying a law or rule, especially one that controls a particular industry or type of work.
• Convened: To bring together a group of people for a meeting, or to meet for a meeting.

Hindu Vocab Master 21st June with Synonyms & Antonyms

Know synonyms and antonyms of difficult words in Hindu Vocab Master on 21st June 2024.

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