By Admin 
GST 2.0: Today is the first day of Navratri on 22 September and from today the GST reform has come into force in the country. Under the Next-Jen GST, the tax slab has been reduced from four (5 percent, 12 percent, 18 percent and 28 percent) to only two (5 percent and 18 percent). This will reduce the prices of things that are used in everyday life such as AC, freeze, baby products, milk, butter, bread, etc. Union Finance Minister Nirmala Sitharaman said on Friday that more money will be saved in the hands of people with GST reforms to be implemented from 22 September, which will promote domestic consumption. With this, there will be a total jump of Rs 2 lakh crore in the country’s economy.
Hence a change in GST
The Finance Minister said that Prime Minister Narendra Modi wants to ensure that the common man and small businessmen of the country want to make more profit with the GST reduced from the earlier four slabs to 2 slabs. The Finance Minister said that due to GST reforms, 99 percent products with 12 percent GST have now come in 5 percent slab. Similarly, 90 percent of the 28 % GST items have now come into the 18 percent slab. Many big companies in the FMCG sector have also reduced the prices of things on their own will so that the benefit of this change will reach the consumers directly.
How will there be a savings of 2 lakh crores?
Speaking on the 80th anniversary of the Tamil Nadu Food Grand Traders Association, Sitharaman said, “GST 2.0 will increase the conjunction because two-slab tax structure will reduce the price of many things, which will promote domestic consumption. Because the government will not have a tax of Rs 2 lakh crore as tax from the public, but this money will go directly to the government.”
He said, “Like when you buy the same thing again and again, suppose that soaps are being purchased in large quantities, then it will increase the manufacturer production.” If the production increases, more people will be recruited at work. When a large number of people pay tax to the government on their income, then the revenue of the government will also increase as indirect tax. If this bicycle continues, it will be good for the economy. ”
Overall, when the people of the country spend more money, the demand will increase. Production will be increased to complete this, which will give more people jobs. When there are more jobs, the scope of tax will also increase.
Also read:
As earlier, it was still available as much as it was … In GST 2.0, the price of these things did not change