Current Trends in Indian Economy
GST collections
▪ The Ministry of Finance stated that the Goods & Services Tax (GST) collections for May 2024 is ₹1.73 lakh crore.
▪ It was lower than ₹2.10 lakh crore in April but higher than the ₹1.57 lakh crore collected in May 2023.
▪ The gross GST collections in the financial year 2025 till May stood at ₹3.83-lakh crore which is 11.3% higher than the previous year.
▪ It is driven by a strong increase in domestic transactions and marginal increase in imports.
About GST:
▪ Launch – July 1, 2017
▪ Under Constitution (101st Amendment) Act 2016.
▪ Three types of GST are CGST (Central) SGST (State) and IGST (integrated)
▪ Tax Slabs – 0%, 5%, 12%, 18%, 28%.
▪ GST Council constituted under Article 279A.
Reports and Indices
RBI’s Annual Report for 2023-24
▪ The Reserve Bank of India (RBI) recently present its Annual Report for 2023-24 to the Central Government.
▪ It is presented under Section 53(2) of the Reserve Bank of India Act, 1934.
Key Highlights
▪ Action Plan for promoting internationalisation of Indian Rupee (INR)
▪ Real GDP growth accelerated to 7.6% in 2023-24 from 7.0% in 2022-23.
▪ The Monetary Policy Committee (MPC) kept the policy repo rate unchanged at 6.50%.
▪ INR depreciated by 1.4% during 2023-24.
▪ The Financial Inclusion Index (FI-Index) is 60.1 in March 2023
About RBI
✓ Formation – 1 April 1935.
✓ Headquarters – Mumbai.
✓ Governor – Shaktikanta Das.
