GST Collections November 2021
The GST revenue for the month of November 2021 was Rs 1,31,526 crores. This is the second highest collection since the introduction of GST in the country. The first highest collection was in April 2021.
GST Collections
- The CGST was Rs 23,978 crores.
- The IGST was Rs 66,815 crores. Of this Rs 32,165 crores was collected from the goods imported.
- The cess collected was Rs 9,606 crores. This includes Rs 653 crores from the imported goods.
Significance
- The high GST collection shows that country is line with economic recovery.
- The GST revenue collected for the month of November is 25% higher than the GST revenue of November 2020. And is 27% higher than GST revenue collected in November 2019.
Reasons behind increase
The GST collection is high for the month of November because of the following initiatives:
- Enhancement of system capacity
- Auto population of returns
- Nudging non – filers after last date of filing of returns
- Blocking of E – way bills
- Passing of input tax credit for non – filers
Revenue Buoyancy
- Revenue Buoyancy is the response of tax revenue to changes in economic drivers. It assesses the efficiency of tax system of a country. In simple terms, a tax is buoyant when the revenues increase by more than 1% for 1% increase in GDP.
- The GST revenue has been increasing after COVID-19. Thus, the revenue buoyancy is seen as a concern here.
- Also, the legally mandated compensation to states for revenue shortfall from implementation of GST ends in June 2022.
India – ITU Joint Cyber Drill 2021
The International Telecommunication Union (ITU) and the Department of Telecommunications operating under the Ministry of Communications conducted a Joint Cyber Drill 2021.
India – ITU Joint Cyber Drill
- The cyber drill was conducted for the Critical Network Infrastructure operators of India. The Critical Network Infrastructure are the systems, assets and networks that are essential to ensure the security of a country.
- It aims to improve the cyber security readiness of India. Also, it aims to improve the protection and incident response capability of the country.
- During the cyber drill, the cyber attacks and information security incidents were simulated. And the participants were trained to defend and respond against such incidents. Thus, the drill helped to test the cyber capabilities of an organisation.
Importance
- The drill emphasized the role of Computer Security Incident Response Team and Computer Incident and Response Team (CIRT). The CIRT is responsible for handling security breaches
- It also strengthened India’s capability in protecting critical information infrastructure and building cyber resilience.
Important terms
- CIRT: Computer Incident Response Team: This team is responsible for handling the security breaches.
- CSIRT: Computer Security Incident Response Team: The main responsibility of CSIRT is to expose the cyber-attacks targeting an organsiation.
- CERT: Computer Emergency Response Team: It is an expert group that handles the cyber threats and cyber-attacks. It includes the computer emergency readiness team and the CSIRT.
- SOC: Security Operation Centre: It is a centralized function that employs people, technologies and processes to continuously monitor and improve the security of the organisation. It prevents, detects, analyses and responds to the cybersecurity incidents.
