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.
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