About The Editorial
The new financial year has seen a sharp surge in GST collections, going past Rs. 1.67 lakh crore, the highest in the last five years ince GST was introduced. In 2021-22, the GST revenues had grown 30.8% to Rs. 14.9 lakh crore, despite going down during the second covid-19 wave. Moreover, Compensation cess will continue till March 2026 to pay off special borrowings of 2020-21 to bridge revenue shortfalls.
The GST Council needs to meet at the earliest to approach the impending rationalization of the GST rate slabs to factor in larger socio-economic considerations. However, the Centre has called the April inflows a sign of faster recovery. But urgent policy action is also required to curb inflation and support consumer sentiment to ensure faster growth and greater revenues.
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Meaning:a discussion or meeting between two groups of people who disagree, in order to try and find a way of solving a problem
Usage: The government is ready to hold a parley at any moment.
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