By Admin 
GST reforms: In his address to Prachi of Red Fort on the occasion of Independence Day, Prime Minister Narendra Modi said that GST (Goods and Services Tax) of Next Generation will be implemented by Diwali this year. Its purpose is to reduce the price of things used in everyday life so that the general public of the country can get relief.
Addressing the nation on the 79th Independence Day of the country, PM Modi said that eight years of indirect tax system have been completed. With this, the time has come to improve GST, tax has been simplified. We are bringing improvement in the next generation GST. Please tell that GST came into force on July 1, 2017.
The government has introduced a blueprint of three-pillars for this improvement. It has been sent to a group of ministers (GOM) for further discussion. Now this will be considered in the next GST Council. Let us see what are the reasons behind these reforms and how will it benefit the general public of the country?
This time the double gift of Diwali
PM Modi says that this is a way ‘gift of Diwali’ for the public, which will reduce the tax burden on the people of the country. The GST implemented on July 1, 2017 has completed eight years and now the time has come to review the changes to be made. A high -level committee was formed for this. States have also been discussed about this. Now the government has brought a new set of GST reforms. The Prime Minister assured, this will reduce the taxes on goods for the common man. Our MSMEs will also benefit. The things of daily use will become cheaper, which will strengthen the economy.
- Some structural changes have been made in the first column, improving rates and ease of living have been taken into consideration. This is in line with the government’s efforts to make India self -reliant so that the goal of becoming the third largest economy in the world can also be achieved.
- In the second column, along with the things used in the use of the common man, some expensive items also have to reduce the tax burden. This will ensure more stability in tax rates and will reduce tax slabs.
- Registration for startups in the third column will be made easier. Refund process has to be accelerated on already filled returns.
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