Explanation:

Explanation:

• Over the last 4 years, GST revenues have steadily grown and the year-average of monthly GST collection has increased from 0.9 lakh crore in 2017-18 to 1.19 lakh crore in 2021-22 (upto December). The improvement in GST collections has been due to the combined effect of the rapid economic recovery post pandemic, the nation-wide drive against GST evaders and fake bills along with many systemic changes introduced recently, and various rate rationalization measures undertaken by the GST Council to correct inverted duty structure.
• The revenue from excise duties has registered a YoY growth of 23.2 per cent during April- November 2021. The Government had raised the excise duty on petrol and diesel to garner revenues during the year 2020-21, when the collection of other direct and indirect taxes was adversely impacted by COVID-19 and low global petroleum prices created some elbow-room for raising taxes on petroleum. The revenue from excise duty registered an YoY growth of more than 60 per cent in 2020-21 PA. However by the end of November 2021, when the global oil prices had increased, other tax revenue sources had recovered and inflationary pressures were building up in the economy, the government changed its’ policy as per the requirement of the situation, and the Central excise duty on petrol and diesel was reduced. Such a responsive feedback-based policy making by the Government is imperative for ensuring efficient management of limited fiscal resources in the economy.