Hindi English Translation || Editorial || ​Enhancing oversight: On the GST Council meet and issues

​Enhancing oversight: On the GST Council meet and issues

The GST Council could do more to smoothen the tax regime (शासन प्रणाली, व्यवस्था)

The Goods and Services Tax (GST) Council, entrusted (सौंपना) with overseeing (देखरेख करना, निरीक्षण करना) the seven-year-old indirect tax regime, is slated (निर्धारित करना, योजना बनाना) to meet on September 9. This would be its second sitting (बैठक) in under three months, after a nine-month pause (विराम, ठहराव). The Council, whose parleys (वार्ता, बातचीत) steered (control, helm, guide, direct) by the Union Finance Minister with States’ representatives are critical for resolving taxpayer challenges and setting broader policy direction, ought to (चाहिए, आवश्यक है) meet regularly at such frequency. A key expectation from the upcoming meet revolves around the much-awaited (बहुप्रतीक्षित) review of GST’s complex, multiple-rate structure (संरचना, ढांचा). In June, the Council resolved to take stock of (to review a situation carefully, usually before making a decision; assess, analyze, weigh up, appraise, evaluate, investigate, scrutinize, look carefully at) the progress made on this front (a particular situation; a particular area of operation) by a ministerial group (GoM) appointed in 2021, and deliberate (विचार करना, चिंतन करना) on the path forward (something (a plan/action) that leads to success in the future). However, going by State Ministers’ recent submissions to the GoM, progress is likely to be slow and arduous (कठिन, श्रमसाध्य), with most members signalling an aversion (घृणा, अरुचि) to shake things up when revenues are healthy (in good condition; all right). Ideally, the Council should at least set a time line for concluding the group’s deliberations (विचार-विमर्श, चिंतन) and nudge (encourage, stimulate, prompt, coax; push gently, move gradually) it to come up with (प्रस्तुत करना, सुझाव देना) a couple of alternatives for the revamped (reconstructed, reorganized, remodeled, reworked, updated, modernised) rate structure if consensus (an idea or opinion that is shared by all the people in a group, agreement, concurrence, general opinion/view, common consent) is difficult to attain (achieve, accomplish, reach, arrive at). These could then be deliberated over by the Council, possibly with some public feedback incorporated. Beyond the broader revamp (reorganization, restructuring, redevelopment, modernization, rearrangement, rebuilding, overhaul), the Council could also be briefed (inform of, tell about, update on, notify of, instruct) this time on the feasibility (practicality, viability (to work successfully)) of reviewing the 18% GST levy (imposition, charging, collection (of a tax, fee, fine)) on individual goods and services such as health insurance and life cover, that have attracted (draw, bring) attention (notice, regard, heed, consideration, deliberation) recently within and outside Parliament. These have been assessed by officials in the past too, without resulting in any change in stance.

The inclusion of items such as electricity, petroleum and alcohol into the GST net, something that industry and economists have been advocating (support, back, uphold, promote, champion, subscribe to, speak for) for years, may be even more tricky. States gave up a lot of taxation power for the GST’s rollout (official launch/introduction), and are unlikely to be amenable to (cooperative, accommodating, flexible; receptive, responsive, susceptible) yielding (surrender, capitulate, give in, submit, bow down to) further space, particularly as quite a few States’ ties (association, relationship, bond, connection) with the Centre are “acrimonious (angry, bitter, harsh, sharp, cutting, spiteful, vicious, nasty, poisonous, venomous, hate-filled, ill-natured (in language or tone while arguing))”, as former Chief Economic Adviser Arvind Subramanian recently pointed out. While it will be instructive (informative, instructional, informational, explanatory, telling, revealing; good example, case study) to see the direction the Council takes on these issues, greater monitoring of the nitty-gritty (basics, essentials, main point) of GST’s day-to-day functioning is needed as well. Revenue trends remain healthy with about 10% growth this fiscal (financial year) but the pace of refunds to taxpayers has been unusually uneven. Net GST receipts (proceeds, profits, earnings, returns, income, revenue, gain, yield, turn over) rose under 7% in three of the last five months, but jumped about 15% in months when refunds dropped sharply. The Council must not overlook (fail to notice, ignore, dismiss, reject, neglect, disregard, pay no heed/attention to, take no notice of) such details, though they may seem relatively obscure (unclear, uncertain, unknown, doubtful, mysterious) in the bigger picture. This could help prevent ungainly (awkward, clumsy, ham-handed, inexpert, uncoordinated) twists for industry, be it registration or refund challenges, or the spectre (threat, menace, danger/peril) of confusion created by recent large tax demands on IT majors.

Courtesy: The Hindu

Important Word List With Meaning

1.regime (noun)

Hindi Meaning - शासन प्रणाली, व्यवस्था
English Meaning - system.

2.entrust (verb)

Hindi Meaning - सौंपना
English Meaning - give responsibility for, bestow on, confer on, vest in, grant, hand over.

3.oversee (noun)

Hindi Meaning - देखरेख करना, निरीक्षण करना
English Meaning - supervise, inspect, manage, administer, handle.

4.slate (verb)

Hindi Meaning - निर्धारित करना, योजना बनाना
English Meaning - schedule, plan.

5.sitting (noun)

Hindi Meaning - बैठक
English Meaning - meeting, session, get-together.

6.pause (noun)

Hindi Meaning - विराम, ठहराव
English Meaning - temporary stoppage, break, interval.

7.parley (noun)

Hindi Meaning - वार्ता, बातचीत
English Meaning - talks, discussion, discourse, debate, dialogue, deliberation, negotiation .

8.ought to (modal verb)

Hindi Meaning - चाहिए, आवश्यक है
English Meaning - must, should.

9.much-awaited (adjective)

Hindi Meaning - बहुप्रतीक्षित
English Meaning - much-expected, much-anticipated.

10.structure (noun)

Hindi Meaning - संरचना, ढांचा
English Meaning - formation, system, framework.

11.deliberate (verb)

Hindi Meaning - विचार करना, चिंतन करना
English Meaning - think about, ponder, consider, contemplate, reflect on, mull over, discuss carefully.

12.arduous (adjective)

Hindi Meaning - कठिन, श्रमसाध्य
English Meaning - difficult, hard/tough, taxing, demanding, onerous, laborious, back-breaking.

13.aversion (noun)

Hindi Meaning - घृणा, अरुचि
English Meaning - opposition, dislike, resistance, unwillingness, disinclination, reluctance, resentment, abhorrence, enmity, antipathy.

14.deliberation (noun)

Hindi Meaning - विचार-विमर्श, चिंतन
English Meaning - thinking, consideration, pondering, discussion, consultation.

15.come up with (phrasal verb)

Hindi Meaning - प्रस्तुत करना, सुझाव देना
English Meaning - propose, put forward, present, recommend, submit.

16.revolve around (phrasal verb)

English Meaning - to have something as the most important subject of discussion/interest; concentrate on, focus on, revolve about, centre around.

17.oversight (noun)

English Meaning - supervision, surveillance, inspection, management, handling.

18.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.

19.steer (verb)

English Meaning - control, helm, guide, direct.

20.take stock of (phrase)

English Meaning - to review a situation carefully, usually before making a decision; assess, analyze, weigh up, appraise, evaluate, investigate, scrutinize, look carefully at.

21.front (noun)

English Meaning - a particular situation; a particular area of operation.

22.the path forward (phrase)

English Meaning - something (a plan/action) that leads to success in the future.

23.go by (phrasal verb)

English Meaning - to form an opinion from something; to use as a basis for forming an opinion.

24.shake up (phrasal verb)

English Meaning - reorganize, restructure, alter dramatically, overhaul, reform.

25.healthy (adjective)

English Meaning - in good condition; all right.

26.nudge (verb)

English Meaning - encourage, stimulate, prompt, coax; push gently, move gradually.

27.revamped (adjective)

English Meaning - reconstructed, reorganized, remodeled, reworked, updated, modernised.

28.consensus (noun)

English Meaning - an idea or opinion that is shared by all the people in a group, agreement, concurrence, general opinion/view, common consent.

29.attain (verb)

English Meaning - achieve, accomplish, reach, arrive at.

30.revamp (noun)

English Meaning - reorganization, restructuring, redevelopment, modernization, rearrangement, rebuilding, overhaul.

31.brief (verb)

English Meaning - inform of, tell about, update on, notify of, instruct.

32.feasibility (noun)

English Meaning - practicality, viability (to work successfully).

33.levy (noun)

English Meaning - imposition, charging, collection (of a tax, fee, fine).

34.attract (verb)

English Meaning - draw, bring.

35.attention (noun)

English Meaning - notice, regard, heed, consideration, deliberation.

36.result in (verb)

English Meaning - cause, lead to, bring about, give rise to.

37.advocate (verb)

English Meaning - support, back, uphold, promote, champion, subscribe to, speak for.

38.give up (phrasal verb)

English Meaning - surrender, give in, yield, capitulate.

39.rollout (noun)

English Meaning - official launch/introduction.

40.amenable to (adjective)

English Meaning - cooperative, accommodating, flexible; receptive, responsive, susceptible.

41.yield (verb)

English Meaning - surrender, capitulate, give in, submit, bow down to,

42.ties (noun)

English Meaning - association, relationship, bond, connection.

43.acrimonious (adjective)

English Meaning - angry, bitter, harsh, sharp, cutting, spiteful, vicious, nasty, poisonous, venomous, hate-filled, ill-natured (in language or tone while arguing).

44.point out (phrasal verb)

English Meaning - indicate, specify, identify, mention, refer to, draw attention to.

45.instructive (adjective)

English Meaning - informative, instructional, informational, explanatory, telling, revealing; good example, case study.

46.the nitty-gritty (noun)

English Meaning - basics, essentials, main point.

47.fiscal (year (noun)

English Meaning - financial year.

48.receipts (noun)

English Meaning - proceeds, profits, earnings, returns, income, revenue, gain, yield, turn over.

49.overlook (verb)

English Meaning - fail to notice, ignore, dismiss, reject, neglect, disregard, pay no heed/attention to, take no notice of.

50.obscure (adjective)

English Meaning - unclear, uncertain, unknown, doubtful, mysterious.

51.big picture (noun)

English Meaning - broad overview; wide perspective (of a particular situation/condition).

52.ungainly (adjective)

English Meaning - awkward, clumsy, ham-handed, inexpert, uncoordinated.

53.spectre (noun)

English Meaning - threat, menace, danger/peril.