BANKING AFFAIRS

Detailed explanation-1: -Fresh fruits, Fresh milk, Curd, Bread, etc. Exports and Supplies made to SEZ or SEZ Developers, of both goods and services. Grains, salt, Jaggery, etc. Alcohol used for human consumption, Natural gas, Petrol and its products, electricity, etc. Services of a funeral and burial, certain actionable claims, etc.

Detailed explanation-2: -After GST implementation the export of goods and services will become competitive because of nill effect of cascading effect of taxes on goods and products. In a research done by NCAER, it was suggested that GST would be the key revolution in Indian Economy and it could increase the GDP by 1.0 to 3.0 percent.

Detailed explanation-3: -Power to grant exemption from GST has been granted vide section 11 of the CGST Act and vide section 6 of the IGST Act. State GST laws also contain identical provisions granting power to exempt SGST. Under GST, essential goods/services, i.e. public consumption products/services, have been exempted.

Detailed explanation-4: -The government’s gross tax revenue to GDP ratio has improved to 17.1 per cent in FY22 from 8.2 per cent in FY10. Goods and service tax (GST) accounts for 26.8 per cent of the central government’s gross tax revenue of Rs 25.2 lakh crore in FY22.