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From Morning Tea To Dinner, GST Benefits In Everything: FM Sitharaman
From Morning Tea To Dinner, GST Benefits In Everything: FM Sitharaman
The finance minister further said that over the past eight months, the government has worked to make tax classifications simpler and clearer so that businesses face no confusion.
New Delhi: The Goods and Services Tax (GST) is now making its presence felt in every corner of daily life, Union Finance Minister Nirmala Sitharaman said on Sunday. Speaking at an event in Chennai, she highlighted how the impact of recent GST reforms can be seen “from the moment people wake up to when they go to bed,” benefiting citizens in everything from their morning tea to their dinner.
FM Sitharaman explained that before the introduction of GST, only about 66 lakh businesses were part of the tax system. “In the last eight years, this number has risen to 1.5 crore, a growth she attributed to the government's transparent and simplified tax policies,” the Finance Minister added. (Also Read: Market Outlook: Fed Rate Decision, Trade Talks, FII Flows Likely To Drive Sensex, Nifty Next Week)
The finance minister further said that over the past eight months, the government has worked to make tax classifications simpler and clearer so that businesses face no confusion. She emphasised that the reforms would lower the input costs of many products, which would reduce overall production expenses and eventually ease prices for consumers.
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Highlighting one of the major changes, FM Sitharaman said that 99 per cent of the goods that earlier came under the 12 per cent GST slab have now been brought under the 5 per cent bracket. FM Sitharaman stressed that this move will make everyday items more affordable, giving direct relief to common people.
“The ease of the system has not only encouraged distributors but also manufacturers to join in,” FM Sitharaman stated. The gross GST collection has increased to Rs 22.08 lakh crore from Rs 7.18 lakh crore in 2018, benefiting both the people and state governments, the Finance Minister added. (Also Read: GST Exemption On Insurance: Here's Why You Can't Claim GST Refund After Sept 22)
“Some may have criticised me, saying I only know how to put people in trouble, but we're working for the nation. State ministers have been part of the GST Council since its inception, and this decision was made collectively,” FM Sitharaman added.
Source: ZeeNews
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