{"id":26653,"date":"2020-08-12T06:16:04","date_gmt":"2020-08-12T06:16:04","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=26653"},"modified":"2020-08-12T06:16:06","modified_gmt":"2020-08-12T06:16:06","slug":"breaking-down-of-goods-and-services-tax-gst","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/breaking-down-of-goods-and-services-tax-gst\/","title":{"rendered":"Breaking down of Goods and Services Tax (GST)"},"content":{"rendered":"\n<p>The Goods and Services Tax (GST) was marked a major shift from the traditional production-linked tax to a consumption-based tax. The Centre and the states are in a tussle over delayed compensation payments under GST.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.gkseries.com\/blog\/current-affairs-quiz-2019-daily-gk\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Daily Current Affairs Quiz 2020<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key-Point<\/strong><\/h2>\n\n\n\n<p>As per the GST (Compensation to States) Act, 2017, states are guaranteed compensation for revenue loss on account of implementation of GST for a transition period of five years (2017-2022).<\/p>\n\n\n\n<p>The compensation is calculated based on the difference between the current states\u2019 GST revenue and the protected revenue after estimating an annualised 14% growth rate from the base year of 2015-16.<\/p>\n\n\n\n<p>The high rate of 14%, which has got compounded since 2015-16, has been seen as delinked from economic realities.<\/p>\n\n\n\n<p>Compensation payments to states started getting delayed since October last year as GST revenues started to slow down. The Covid-19 pandemic has widened the gap, with GST revenues declining 41% in the April-June quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Goods and Services Tax (GST) was marked a major shift from the traditional production-linked tax to a consumption-based tax. The Centre and the states are in a tussle over delayed compensation payments under GST. Daily Current Affairs Quiz 2020 Key-Point As per the GST (Compensation to States) Act, 2017, states are guaranteed compensation for [&hellip;]<\/p>\n","protected":false},"author":404,"featured_media":26654,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1248],"tags":[337],"offerexpiration":[],"class_list":["post-26653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-august-2020","tag-gst"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/26653","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/404"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=26653"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/26653\/revisions"}],"predecessor-version":[{"id":26655,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/26653\/revisions\/26655"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/26654"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=26653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=26653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=26653"},{"taxonomy":"offerexpiration","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/offerexpiration?post=26653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}