Sitharaman says new GST reforms slash rates, simplify slabs, bring cheer from popcorn to big brands, and promising festive relief
Union Finance Minister Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman on Sunday said that the GST reforms are a huge victory for each and every citizen of the country.
Taking into account that every state in India has its own festivals, it has been decided to implement the GST reforms much ahead of Prime Minister Narendra Modi’s instruction of launching them before Deepavali festival, Sitharaman said at an event in Chennai.
In her address at the joint conclave of the trade and industries association on “Tax Reforms for Rising Bharat’ organised by Chennai Citizens Forum, she said the beneficial impact of Goods and Services Tax would be there for all products from the start of the day till people go to bed.
Explaining some of the key initiatives, Sitharaman said 99 per cent of all the goods which were earlier taxed 12 per cent under GST have now been reduced to 5 per cent. The latest set of GST reforms are set to come into force from September 22.
Noting that the GST Council has reduced the tax rates for over 350 items, she pointed out that the Centre has introduced only 5 and 28 per cent slabs instead of the earlier practice of levying taxes under different slabs. “We have also simplified the procedure for the traders also. There is no 28 per cent GST tax on any product,” she remarked.
Referring to the increase in tax base from traders, she said before the GST was introduced in 2017, there were only 66 lakh traders who used to file their taxes. But today, 1.5 crore businesses have come under the GST fold in the last 8 years.
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