GST 2.0 will bring 2 lakh crores in common man’s pockets’
Finance Minister Nirmala Sitharaman has given a big statement about GST reforms for the country’s economy. He said that about 2 lakh crore rupees will reach the general public directly from the changes made in GST recently. This will benefit the middle class and the poor of the country and they will be able to increase the expenses according to their needs.
During the ‘Next Jane GST Reforms’ program in Visakhapatnam, Nirmala Sitharaman said that so far 99% of such items, which used to get 12% of the total GST revenue, will now enter 5% tax slab. This means that common people will pay less tax on everyday things, which will reduce the burden on their pockets. This is especially news of relief for those who buy food and drink items every day.
Business will also benefit big
Nirmala Sitharaman said that this GST reform will benefit not only the common consumers, but also the industry and businessmen. With the easy tax rules, businesses will be able to make their work better. This will give new strength to many industries of the country and they will grow rapidly.
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He also informed that the tax collection under GST was Rs 7.19 lakh crore in 2018, which is now expected to increase to Rs 22.08 lakh crore by 2025. Also, the number of tax payers has also increased from 65 lakh to 1.51 crore. It is clear that now more people are paying taxes and the government’s income is also increasing.
New rates will be implemented from 22 September
On August 15, Prime Minister Narendra Modi gave big news of GST reforms to the country from the Red Fort. After this, the GST Council approved GST 2.0. Changes have been made in tax slabs in this new system. Now most of the everyday essential things will come in 5% tax slab, while the rest will be taxed at 18%. The first 12% and 28% slabs have been removed.
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There will be no tax on essential foods like bread, milk and cheese, which will give great relief to the common people. These changes will come into effect from 22 September. This will not only reduce the expenses of the common man, but will also increase the movement of money in the country’s economy.