Hindi English Translation || Editorial || GST buoyancy: On GST revenues in December

GST buoyancy: On GST revenues in December

December’s revenues signal (संकेत, इंगित करना) some post-festive fervour (उत्साह, जोश) in the economy

At almost ₹1.5 lakh crore, Goods and Services Tax (GST) inflows (a flow of a large amount of something (e.g. money) to a particular place) in December 2022 signal a recovery of sorts (used to describe something resembles something else, or fulfills its function, but isn’t really that thing) from November, when revenues fell to a three-month low. November 2022 revenues were 10.9% higher than a year ago, but still marked (indicate, signify, represent, denote) the slowest growth since June 2021. December’s revenues were 2.5% higher than November and reflected (प्रतिबिंबित होना, इंगित करें) a 15.2% year-on-year (साल-दर-साल) uptick (a small increase or upward trend). While the ₹1,49,507 crore GST kitty (a sum of something (money/things) made up of small contributions) in December is the third highest since the beginning of the indirect tax regime (प्रशासन) in July 2017, it may be more noteworthy (ध्यान देने योग्य, विचारणीय) than previous records. First, as these taxes are linked to economic activity undertaken (प्रारंभ करना, शुरू करना) in November, they indicate that factories and service providers were busier than they were in October, impacted little by post-festival consumer fatigue (थकान, थकावट). Second, on the two other occasions (अवसर, समय) that GST revenues were higher — ₹1.67 lakh crore in April 2022 and almost ₹1.52 lakh crore in October — the numbers were boosted by taxpayers’ financial year-end reconciliations (सुलह, सामंजस्य) and pre-festive spending or stocking up (एकत्रित करना), respectively. This was not the case in December. Arguments that high inflation (मुद्रा स्फ़ीति) bolstered (strengthen, support, make stronger, reinforce, buttress) these numbers are only partly tenable (defensible, justifiable, defendable, supportable, sustainable, acceptable) — headline (relating to a rate of inflation based on the consumer price index (CPI)) inflation dipped (decrease, fall/drop, slump) to an 11-month low of 5.9% in November, services inflation was flat sequentially (क्रमिक रूप से, लगातार), and goods inflation was 6.2%, which is high but far (much, considerably, markedly, noticeably) lower than previous months. So, if inflation did nudge (push gently, move gradually) up revenues, it did not play any more of a role in December than it did in earlier months when price rise was higher.

From what is known so far (until now, up to the present, up to this point), the eight core sectors (the eight industries comprising electricity, steel, refinery products, crude oil, coal, cement, natural gas and fertilizers are classified as core sector industries) rebounded (recover, rally, bounce back, pick up, make a recovery, make a comeback (in value of something after decline)) to grow 5.4% in November from a mere (just, only, minimal) 0.9% in October, when industrial output tanked an alarming (frightening, intimidating,, warning) 4%. While November’s industrial production levels will only be known later this month, the GST revenues indicate that the demand for both goods and services held up. As North Block mandarins (a powerful officer, public/government servant, office-bearer, civil servant) enter the last lap (stage, part, phase) of curating (select, organize, and present) the Union Budget, the latest GST print (mark, impression, record) should provide some hope while working out (devise, formulate, draw up, prepare) the fiscal glide path (a serious of actions performed steadily to achieve a result) and revenue aspirations (ambition, hope, goal) for the coming year. Not only have GST collections been over ₹1.4 lakh crore for 10 straight months, December’s healthy inflows lift up (increase, raise) the average monthly intake (supply; consumption) of 2022-23 to ₹1.49 lakh crore. But there is little room (scope, chance, leeway, freedom, latitude, opportunity (for something to happen)) for complacency (carelessness, laziness, laxity; self-satisfaction, smugness, self-regard) — any slackening (decrease, reduction, diminishing, lessening) in economic activity due to global headwinds ((in business) situations or conditions that make growth harder/difficult. Whereas tailwinds describe a situation or condition that will move growth, revenues, or profits higher) could drag down (to bring something to a lower level (in quality/amount); diminish, decrease) revenues too. The GST Council (a federal body (established under article 279A of the Constitution) that aims to bring together states and the Centre on a common platform for the nationwide rollout of the indirect tax reform), which met briefly (in short, in a nutshell, in essence) last month after a long break but left critical reforms hanging (undecided, unsettled, unresolved), must be convened (conduct, organise, arrange, hold) soon after the Budget — not just to help sustain (maintain, continue, carry on, support, prop up, bolster up, retain) revenue inflows, but also to aim to rake in (earn, get, obtain, acquire, make (a lot of something, i.e. money)) more from a rationalised (reorganized, simplified, streamlined, honed; making more efficient) rate structure which brings all the presently excluded items into the One Nation, One Tax ambit (purview, limit, remit, range, scope, extent).

Courtesy: The Hindu

Important Word List With Meaning

1.buoyancy (noun)

Hindi Meaning - उछाल
English Meaning - high level of activity, growth, development, progress, improvement, vigour/strength.

2.signal (verb)

Hindi Meaning - संकेत, इंगित करना
English Meaning - indicate, suggest, signify, denote, reveal.

3.fervour (noun)

Hindi Meaning - उत्साह, जोश
English Meaning - intense feeling, excitement, enthusiasm, passion, spirit.

4.fall (verb)

Hindi Meaning - गिरना, मंदी
English Meaning - decrease, drop, slump.

5.reflect (verb)

Hindi Meaning - प्रतिबिंबित होना, इंगित करें
English Meaning - indicate, show, display, demonstrate.

6.year-on-year (adjective)

Hindi Meaning - साल-दर-साल
English Meaning - year over year (for comparison).

7.regime (noun)

Hindi Meaning - प्रशासन
English Meaning - system.

8.noteworthy (adjective)

Hindi Meaning - ध्यान देने योग्य, विचारणीय
English Meaning - worthy of mention, significant, important, noticeable, interesting.

9.undertake (verb)

Hindi Meaning - प्रारंभ करना, शुरू करना
English Meaning - begin, start, embark on, commence.

10.fatigue (noun)

Hindi Meaning - थकान, थकावट
English Meaning - tiredness, weariness, exhaustion.

11.occasion (noun)

Hindi Meaning - अवसर, समय
English Meaning - time, moment, point, juncture, situation.

12.reconciliation (noun)

Hindi Meaning - सुलह, सामंजस्य
English Meaning - the action of making something (financial accounts) consistent & compatible; harmonization

13.stocking up (noun)

Hindi Meaning - एकत्रित करना
English Meaning - the act of buying a large quantity of something; accumulation, amassing, collection, stockpiling, amassment.

14.inflation (noun)

Hindi Meaning - मुद्रा स्फ़ीति
English Meaning - simply meaning “cost of living”; increase of price level of goods & services and vice versa decrease of currency value.

15.sequentially (adverb)

Hindi Meaning - क्रमिक रूप से, लगातार
English Meaning - in succession, successively, continuously.

16.mark (verb)

English Meaning - indicate, signify, represent, denote.

17.inflow (noun)

English Meaning - a flow of a large amount of something (e.g. money) to a particular place.

18.of sorts (phrase)

English Meaning - used to describe something resembles something else, or fulfills its function, but isn’t really that thing.

19.uptick (noun)

English Meaning - a small increase or upward trend.

20.kitty (noun)

English Meaning - a sum of something (money/things) made up of small contributions.

21.bolster (verb)

English Meaning - strengthen, support, make stronger, reinforce, buttress.

22.tenable (adjective)

English Meaning - defensible, justifiable, defendable, supportable, sustainable, acceptable.

23.headline (adjective)

English Meaning - relating to a rate of inflation based on the consumer price index (CPI).

24.headline inflation (noun)

English Meaning - it is a measure of the total inflation within an economy, including commodities such as food and energy prices.

25.core inflation (noun)

English Meaning - it is a measure of the total inflation within an economy, excluding commodities such as food and energy prices (which change frequently).

26.dip (verb)

English Meaning - decrease, fall/drop, slump.

27.flat (adjective)

English Meaning - even, uniform, consistent.

28.far (adverb)

English Meaning - much, considerably, markedly, noticeably.

29.nudge (verb)

English Meaning - push gently, move gradually.

30.nudge (up) (phrasal verb)

English Meaning - push something gently or gradually or slightly in an upward direction.

31.play a role (phrase)

English Meaning - contribute to, be instrumental in, be a factor in.

32.so far (phrase)

English Meaning - until now, up to the present, up to this point.

33.core sector/industries (noun)

English Meaning - the eight industries comprising electricity, steel, refinery products, crude oil, coal, cement, natural gas and fertilizers are classified as core sector industries.

34.rebound (verb)

English Meaning - recover, rally, bounce back, pick up, make a recovery, make a comeback (in value of something after decline).

35.mere (adjective)

English Meaning - just, only, minimal.

36.tank (verb)

English Meaning - fail, collapse, tumble/plunge, decline (in value rapidly).

37.alarming (adjective)

English Meaning - frightening, intimidating,, warning.

38.hold up (phrasal verb)

English Meaning - delay, prevent, obstruct, impede, hinder, hamper, inhibit.

39.South & North Block (noun)

English Meaning - South Block is a metonym of the Prime Minister’s Office. North Block is a metonym of the Ministry of Finance, India. (The Secretariat Building (consists North & South Block) or Central Secretariat is where the Cabinet Secretariat is housed, which administers the Government of India. The South Block houses the Prime Minister’s Office, Ministry of Defence, and the Ministry of External Affairs). The North Block primarily houses the Ministry of Finance and the Home Ministry). (Metonym is used as an alternative for something else with which it is closely related/associated).

40.mandarin (noun)

English Meaning - a powerful officer, public/government servant, office-bearer, civil servant.

41.lap (noun)

English Meaning - stage, part, phase.

42.curate (verb)

English Meaning - select, organize, and present.

43.print (noun)

English Meaning - mark, impression, record.

44.work out (phrasal verb)

English Meaning - devise, formulate, draw up, prepare.

45.fiscal (adjective)

English Meaning - financial.

46.glide path (noun)

English Meaning - a serious of actions performed steadily to achieve a result.

47.aspiration (noun)

English Meaning - ambition, hope, goal.

48.lift up (phrasal verb)

English Meaning - increase, raise.

49.intake (noun)

English Meaning - supply; consumption.

50.room (noun)

English Meaning - scope, chance, leeway, freedom, latitude, opportunity (for something to happen).

51.complacency (noun)

English Meaning - carelessness, laziness, laxity; self-satisfaction, smugness, self-regard.

52.slackening (adjective)

English Meaning - decrease, reduction, diminishing, lessening.

53.headwinds (noun)

English Meaning - (in business) situations or conditions that make growth harder/difficult. Whereas tailwinds describe a situation or condition that will move growth, revenues, or profits higher.

54.drag down (phrasal verb)

English Meaning - to bring something to a lower level (in quality/amount); diminish, decrease.

55.GST Council (noun)

English Meaning - a federal body (established under article 279A of the Constitution) that aims to bring together states and the Centre on a common platform for the nationwide rollout of the indirect tax reform.

56.briefly (adverb)

English Meaning - in short, in a nutshell, in essence.

57.hanging (adjective)

English Meaning - undecided, unsettled, unresolved.

58.convene (verb)

English Meaning - conduct, organise, arrange, hold.

59.sustain (verb)

English Meaning - maintain, continue, carry on, support, prop up, bolster up, retain.

60.rake in (phrasal verb)

English Meaning - earn, get, obtain, acquire, make (a lot of something, i.e. money).

61.rationalised (adjective)

English Meaning - reorganized, simplified, streamlined, honed; making more efficient.