GST has been reduced by 0% on some things
The Modi government has taken a big step to make the tax system easier in the country and directly benefit people. In the 56th meeting of the GST Council, it has been decided to remove the GST on many everyday things and services, which will have a positive impact on the general public’s pocket. This meeting was chaired by Union Finance Minister Nirmala Sitharaman. Along with changes in tax rates in the meeting, work is also being done rapidly on simplifying the tax slab again.
No GST will be imposed on these things anymore
After the meeting, the Finance Minister informed that now the ultra-high temperature (UHT) milk, chena and cheese will not be taxed. Earlier, 5% GST was imposed on them. Apart from this, Indian rotis like bread and chapati have also been freed from tax. Zero tax has also been decided on services like education related materials and health insurance. Now items and services which are under the scope of 0% tax are prominently involved-
- UHT milk (ultra-high temperature milk)
- Chhena and Paneer
- Indian loaves like bread and chapati
- Individual Health and Life Insurance policies
- Maps, charts and globes
- Life saving medicines
- Stationery Items: Exercise Book, Notebook, Pencil, Sharpener and Eraser
These are the things that are directly connected to the life of every common man, and their prices may fall due to the removal of tax.
Big change in tax slab
The GST Council has also taken important steps towards making the tax system simple and transparent. Tax slabs of 12% and 28% have been abolished. Now most of the items will remain in only 5% or 18% slabs. With this change, some things can be cheaper for the middle class.
Traders also get big relief
In this meeting, relief was also revealed for the small and medium traders along with the common people. There was a discussion to make GST rules easier and simplify the process of tax filing. This will make it easier for businessmen to file registration and return. Experts say that changes in tax slab and excluding the important things from GST are part of the government’s big plan, which wants to move the tax system towards more simple, fair and development.