Article Title: India’s growth strategy must focus on boosting consumption
05-05-2025
Economy Current Affairs Analysis
Context
• India’s Goods and Services Tax collection in April, since the indirect taxation framework was implemented in 2017, has consistently hit record highs.
• The gross GST collected this time was about ₹2.37 lakh crore, marking an on-year growth of 12.6% from last April. After refunds, the central government netted over ₹2.09 lakh crore, an on-year rise of 9.1%.
• This also signifies a marked rise in GST compliance, also aided by faster refunds, which are crucial for small businesses as they work with thin working capital, and the mass adoption of fintech.
GST
• With an intention to do away with multiple indirect taxes and to have a ‘One Nation One Tax’ system
• The Constitution (122nd Amendment) Bill was passed as the Constitution (101st Amendment) Act in 2016.
• Finally, the Goods and Services Tax was introduced and enforced across the country on 1st July 2017.
• The 101st Constitutional Amendment Act added Article 279A, which empowers the President to constitute the GST Council for administering & governing the Goods and Services Tax Framework.
• It is this council which makes recommendations on everything related to Goods and Services Tax, including laws, rules, rates, etc.
"UPSC-2026-PRELIMS COMBINED MAINS PROGRAMME" NEW BATCH STARTS WITH ORIENTATION ON MAY 12th,2025 
