The Hindu Editorial Vocabulary 3rd April 2024

Read The Hindu Editorial Vocabulary 3rd April 2024 to improve your word power to boost your scores in the English section in competitive government exams. Candidates focus on learning new words regularly. We have covered a list of difficult words with contextual meanings in The Hindu Editorial Vocabulary 3rd April 2024.

The financial year 2023-24 appears to have ended on a high on the revenue (the income that a government or company receives regularly) front. Net direct tax collections rose 19.9% by mid-March to hit 97% of revised Budget targets, while the Goods and Services Tax (GST) has yielded a robust (strong and unlikely to break or fail) ₹20.18 lakh crore. Gross GST revenues in March, for transactions undertaken in February, crossed ₹1.78 lakh crore, the second highest tally since the rollout of the indirect tax six and a half years ago. The only month when collection stood higher was in April 2023, aided (in order to collect money for a group of people who need it) by year-end compliances. There is a good chance the same compliance (the act of obeying a law or rule, especially one that controls a particular industry or type of work) effects will lift this month’s tally past ₹2 lakh crore, marking a fresh high. Average monthly collections have grown 11.6% in 2023-24 to over ₹1.68 lakh crore. The growth may be lower than the previous year’s 21.8% uptick but establishes a new normal for revenues that the coming year can build on. This should settle the Centre’s concerns that the GST has not yielded expected returns. Central GST collections in 2023-24 have overshot (to pass swiftly beyond) revised estimates presented in the interim Budget and the Finance Ministry may have to revise its 2024-25 targets when it presents the full Budget as those can now be achieved even if growth slips below 10%.

Some of the increase in collections may well stem from tax demands raised for past years and tightening the screws on known evasion (to guess or calculate the cost, size, value, etc. of something) routes such as fake invoices and fraudulent input tax credits. Yet, an uptick in growth of net GST revenues, which the government has started revealing since last month, and the rise in gross collections from domestic transactions (an occasion when someone buys or sells something, or when money is exchanged or the activity of buying or selling something) (17.6% compared with 13.6% in February) suggest economic activity has been busy in the last quarter of 2023-24. Perhaps, the only worry is a 5% decline in GST on goods imports during March, from an 8.5% rise in February, which may signal some cutbacks in discretionary consumption. Yet, the overall GST trajectory should give the next government comfort to focus on much-needed reforms to the tax. This must include retrieving the plan to rationalise its multiple rates from deep freeze, expanding (to increase in size, number, or importance, or to make something increase in this way) it to excluded items such as electricity and petroleum products, and reducing high levies on key products such as cement and insurance. The GST Compensation Cess, now being used to repay the COVID-19 pandemic-era borrowings (to get or receive something from someone with the intention of giving it back after a period of time) made to recompense (to give something to someone as a payment or reward for their efforts or loss) States, raked in ₹1.44 lakh crore last year, and it is likely possible to wind it down earlier than the extended March 2026 deadline. It is critical to resist the temptation (the wish to do or have something that you know you should not do or have) to replace it with a new levy except for truly demerit goods such as tobacco. Taxing hybrid vehicles over 40%, for instance, makes no sense, either for India’s green goals or boosting consumption (the situation in which information, entertainment, etc. is intended for a particular group of people) and spurring (to encourage an activity or development or make it happen faster) private investments.

The Hindu Editorial Vocabulary Wordlist 3rd April 2024

Do you want to learn new words? Follow The Hindu Editorial Vocabulary 3rd April 2024 for contextual meanings of difficult words

• Revenue: The income that a government or company receives regularly.
• Robust: Strong and unlikely to break or fail.
• Aided: To collect money for a group of people who need it.
• Compliance: The act of obeying a law or rule, especially one that controls a particular industry or type of work.
• Overshot: To pass swiftly beyond.
• Estimates: To guess or calculate the cost, size, value, etc. of something.
• Evasion: To guess or calculate the cost, size, value, etc. of something.
• Transaction: An occasion when someone buys or sells something, or when money is exchanged or the activity of buying or selling something.
• Expanding: To increase in size, number, or importance, or to make something increase in this way.
• Borrowing: To get or receive something from someone to give it back after a period of time.
• Recompense: To give something to someone as a payment or reward for their efforts or loss.
• Temptation: The wish to do or have something that you know you should not do or have.
• Consumption: The situation in which information, entertainment, etc. is intended for a particular group of people.
• Spurring: To encourage an activity or development or make it happen faster.

The Hindu Vocabulary 3rd April 2024 with Synonyms & Antonyms

The Hindu Editorial Vocabulary 3rd April 2024 with synonyms and antonyms list of difficult words compiled in the table.

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