With reference to the Goods and Services Tax (GST), consider the following statements:1. Gross Goods and Services Tax (GST) revenue collections in February (for sales in January) rose 17.6 per cent year-on-year to Rs 1.33 lakh crore.2. GST Compensation Cess collections crossed 10,000 crore in a month for the first time in February 2022.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?

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With reference to the Goods and Services Tax (GST), consider the following statements:

1. Gross Goods and Services Tax (GST) revenue collections in February (for sales in January) rose 17.6 per cent year-on-year to Rs 1.33 lakh crore.

2. GST Compensation Cess collections crossed ₹10,000 crore in a month for the first time in February 2022.

Which of the statements given above is/are correct?

a)
1 only
b)
2 only
c)
Both 1 and 2
d)
Neither 1 nor 2

Correct answer is option 'C'. Can you explain this answer?

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Daily Current Affairs MCQ - March 4, 2022

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With reference to the Goods and Services Tax (GST), consider the follo...

Gross Goods and Services Tax (GST) revenue collections in February (for sales in January) rose 17.6 per cent year-on-year to Rs 1.33 lakh crore, data released by the Finance Ministry showed.

This marks the fifth consecutive month of GST collections being more than Rs 1.30 lakh crore, coming on the back of anti-evasion measures and a pickup in economic activity.
Experts said GST collections remaining at this level indicate the revenues may cross the revised targets set for FY22 in the Budget.
While on an overall basis the collections are 17.6 per cent higher than the same period last year, there is significant divergence amongst states, from the range of 2 per cent to 23 per cent.
GST Compensation Cess collections crossed ₹10,000 crore in a month for the first time in February, which the Ministry said “signifies recovery of certain key sectors, especially, automobile sales”.
The cess collections in February were ₹10,340 crore, and included ₹638 crore collected on import of goods.

Hence both statements are correct.

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With reference to the Goods and Services Tax (GST), consider the following statements:1. Gross Goods and Services Tax (GST) revenue collections in February (for sales in January) rose 17.6 per cent year-on-year to Rs 1.33 lakh crore.2. GST Compensation Cess collections crossed 10,000 crore in a month for the first time in February 2022.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?

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