Finance Minister Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said on Saturday that extensive changes in GST are reforms for people and this step will have a positive impact on the country’s 140 crore population. Sitharaman said that we are interacting with industries to give the benefit of rate cuts to the common people and from September 22 (date of implementation of GST rates), we will pay full attention to the benefit of the people. The GST Council, with the participation of finance ministers of the Center and the states, on Wednesday decided to slab two slabs instead of four slabs of GST.
Now the tax rates will be five and 18 percent while a special rate of 40 percent will be applicable on harmful items like luxury and cigarettes. Except for cigarette, tobacco and other related items, the new tax rates will be effective from September 22. As part of the rates to be random, the rates have been reduced on catering and everyday items besides consumer goods like television and air conditioner.
140 crores will benefit
Sitharaman said that extensive changes in GST are reforms for people and this step will have a positive impact on 140 crore people of the country. It will have some positive effect on the poor people. He also said that this is not only a matter of rate cuts, but things will also be easy for companies. Whether it is a case of refund or compliance or registration, things will be more easy for them.
Sitharaman said that once this process is completed, 90 percent of the refunds will automatically become clear within a certain time. Also, companies will be able to register themselves successfully within three days. He said that therefore, it will have all -round positive effects on people and companies, especially small enterprises, farmers. Because the equipment they will buy, they are going to be cheap.
Everyone agreed
He said that in the GST Council, there was a consensus that people should get benefits…. However, some states were definitely concerned about revenue. But there was a consensus about the fact that everyone should benefit regarding rate cuts. Sitharaman said that the decrease in GST rates will reduce the prices of goods and increase consumption and it will benefit the economy overall with the increase in revenue. He said that we are talking to industries to give the benefit of rate cuts to the common people. Many companies have also announced a price cut. Sitharaman said that from September 22, all my attention will be on this that people get the benefit of this.