GST Reform
Finance Minister Nirmala Sitharaman said in an important meeting with ministers on Wednesday that the government is taking fast steps towards the GST reforms of Next Generation. He says that the direct benefit of these reforms will be given to the common man, farmers, middle class and small traders (MSME).
The Finance Minister clearly said that changes in GST rates will improve the lives of common people, and they will get relief from inflation. Let’s know how the common man will benefit from this reform. It is expected that the government wants to implement these reforms till Diwali, so that the public gets relief in the festive season.
How will farmers and small traders benefit?
The Finance Minister said that the changes proposed are especially focused on goods and services that are related to farmers and small industries. Many such things that are used in farming or are necessary in small businesses, they will be added to low GST slabs, so that the tax on them is reduced and their cost reduced. This will give relief to farmers in farming goods and MSMEs will benefit in production.
Many essential items will be cheap for middle class
The Finance Minister also said that the government is planning to reduce GST slabs on many such essential consumer goods, which are used in everyday life, such as household items, electronic upline, insurance and medical services. This will benefit the middle class more.
What is the government’s plan?
In the meeting, Finance Minister Nirmala Sitharaman said that three main steps will be taken to make GST simple and rational. Structural reforms will also be made so that the process of paying tax can be easier. Under this, it has been proposed that many items should be put in two major rates of only 5% and 18%, so that people do not get confusion and it is easy to pay tax.