The Hindu Editorial Vocabulary 3rd May 2024

Unlock your journey to boost your word power. Adopting such habits can boost your communication skills for exam preparation. We cover contextual meanings of difficult words in Hindu Editorial Vocabulary 3rd May 2024.

The Hindu Editorial Vocab On The GST & Reforms

With robust GST revenues, the next government must prioritise vital reforms

Revenues from the Goods and Services Tax (GST) crossed the ₹2 lakh crore mark for the first time in April. The month of April has usually delivered the highest GST kitty as it involves taxes paid for activity undertaken (to do or begin to do something, especially something that will take a long time or be difficult) in March, when taxpayers close their books for the year, scurry to meet tax filing deadlines, and make adjustments to square off dues sought by the revenue department owing to oversights or interpretation differences. With slightly over ₹2.1 lakh crore of gross revenues, last month’s GST collection was 12.4% higher than the April 2023 tally of ₹1.87 lakh crore, which marked the highest monthly intake prior to the latest data set. Minus the year-end effect, revenues in subsequent months will moderate so the ₹2 lakh crore figure may not be the new normal for monthly GST collections just yet. However, assuming the present momentum (the force or speed of an object in motion, or the increase in the rate of development of a process) of the economy continues and GST revenue growth persists (to try to do or continue doing something in a determined but often unreasonable way) in last year’s 11%-12% range, last April’s high of ₹1.87 lakh crore could well be this year’s monthly average. Bear in mind that the average monthly revenues (the income that a government or company receives regularly) last year were ₹1.68 lakh crore, and before the year began, the highest monthly collection was seen in April 2022, at ₹1,67,540 crore.

Finance Minister Nirmala Sitharaman has termed last month’s ₹2 lakh crore-plus GST revenues a “landmark”, attributing (a quality or feature of a person or thing, esp. one that is an important part of its nature) them to a strong economy and efficient collections. This should put to rest the Centre’s concerns from a few years ago that returns from the GST regime, now 82 months old, had been underwhelming. No doubt, sustained action against frauds, such as fake invoicing, and stricter compliance (the act of obeying a law or rule, especially one that controls a particular industry or type of work) norms have helped shore up revenues. With central GST revenues overshooting last year’s targets, meeting the goals set in the interim Budget for 2024-25 now requires less than 10% revenue growth. For the next government, the easy part would be to upgrade (to improve the quality or usefulness of something, or change it for something newer or of a better standard) revenue targets in the full Budget. The more critical imperative is to plan and execute (to do or perform something, especially in a planned way) the expansion of the GST net, and expedite the long-awaited reboot of its complex rate structure to make it a truly simple tax for consumers and investors, now that revenue worries are relatively muted. Incidentally, the BJP’s election manifesto (a written statement of the beliefs or aims esp. of a political party), which takes credit for ringing in GST, only promises to make its portal simpler for small businesses to use. The Congress has assured a switch to a single, moderate tax rate with few exceptions (someone or something that is not included in a rule, group, or list or that does not behave in the expected way), no levies on farm inputs, and sharing of revenues with panchayats and municipalities. Smart GST reforms, informed by stakeholder consultations, need to be at the forefront of the agenda of whoever comes into office, to correct anomalies that hold consumption (the situation in which information, entertainment, etc. is intended for a particular group of people) back and set the foundations for the next virtuous cycle of investment (the act of putting money, effort, time, etc. into something to make a profit or get an advantage, or the money, effort, time, etc. used to do this) and growth.

The Hindu Editorial Vocabulary Wordlist 3rd May 2024

Time to start your journey to improve vocab power. Unlock your learning abilities with the Hindu Editorial Vocabulary 3rd May 2024.

• Undertaken: To do or begin to do something, especially something that will take a long time or be difficult.
• Momentum: The force or speed of an object in motion, or the increase in the rate of development of a process.
• Persists: To try to do or continue doing something in a determined but often unreasonable way.
• Revenue: The income that a government or company receives regularly.
• Attributing: A quality or feature of a person or thing, esp. one that is an important part of its nature.
• Compliance: The act of obeying a law or rule, especially one that controls a particular industry or type of work.
• Upgrade: To improve the quality or usefulness of something, or change it for something newer or of a better standard.
• Execute: To do or perform something, especially in a planned way.
• Manifesto: A written statement of the beliefs or aims esp. of a political party.
• Exceptions: Someone or something that is not included in a rule, group, or list or that does not behave in the expected way.
• Consumption: the situation in which information, entertainment, etc. is intended for a particular group of people.
• Investment: The act of putting money, effort, time, etc. into something to make a profit or get an advantage, or the money, effort, time, etc. used to do this.

The Hindu Vocab Master 3rd May with Synonyms & Antonyms

Know synonyms and antonyms of difficult words in Hindu Vocab Master on 3rd May 2024.

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