GST 2.0: Prime Minister Narendra Modi has announced from the Red Fort on August 15, a big reform will be done in GST in the country till Diwali. After this, it was told by the Finance Ministry that the government is planning to do only two slabs of GST and the necessary steps have been started for this.
Recently, describing the proposed reforms in GST tax, senior government officials said on Saturday that the two slab tax system will openly open the way for single sales/service tax rate. He also hoped that there could be a single tax slab by 2047.
Only these two slabs will be from GST
He said that the proposed new GST system, in which two slabs of only five percent and 18 percent have been set, will promote the economy and will also help reduce the dangers of fees. If the two slabs proposed by the GST Council approved the fee, it will replace the current four slabs of the Goods and Services Tax (GST) system. With this, the slabs of 12 percent and 28 percent will end.
Things will be cheaper than two slabs of GST
Describing it as a “GST of the next generation”, a government official said, “This is a revolutionary reform. In the category of economic reforms seen in India, it is at the top.” He said that the new system will mean that almost all general use items will fall into the lower tax category, which will reduce prices and promote consumption. The official said, “Lowering tax means that more money will come in people’s pockets. It is obvious that consumption will increase.”
Decision taken after deliberation
Explaining the argument behind this exercise, the officials said that the proposal to impose five percent and 18 percent GST on normal items by the government and 40 percent tax on items is a big and thoughtful step. A big and thoughtful step is taken. It has been prepared in such a way that these changes have been prepared in such a way that these changes have been prepared in such a way that they need to change the rates and cut the rates. Credit )’s money should not be stuck anywhere.
A slab of GST will be done by 2047
“We have suggested the GST of the next generation to keep in mind the middle class, poor, farmers and micro, small and medium enterprises (MSMEs),” the official said. The official said, “When this system is fully implemented and India becomes a developed country, we can consider implementing the same rate GST. The same rate of system is fine for developed countries, because there is almost the same to income and spend the ability to spend there.”
The official said, “The final goal is to bring a single tax slab system, but at the moment there is no right time for it.” The official said that every rules and regulations are being followed in this entire process of change. The central government is playing the role of leadership, but is doing the balance of ministers (GOM), while keeping constitutional responsibility.
The official said, “We have seen every item closely and have also considered three to four times in many cases. Whether it is pesticides for farmers, raw materials for students or raw materials for MSMEs have been discussed in detail and it is placed in the category of essential or general items.”