Prime Minister Narendra Modi It said on Sunday that the Center has drafed the next generation GST reforms to the states and their cooperation has been sought to implement the proposal before Diwali. PM Modi said that improvement in Goods and Services Tax (GST) will benefit greatly for poor and middle class people as well as small and big businesses. The Prime Minister, while addressing a program after the inauguration of two new expressways in Delhi on Sunday, said that the central government intends to make the GST law easier and amend the tax rate.
Double bonus will be available on Deepawali this year
On August 15, Prime Minister Modi announced a proposal to improve GST law in his Independence Day speech from the ramparts of the Red Fort. He said, “Improvement for us means to pursue good governance.” He said that the government is continuously focusing on improving improvement. The Prime Minister said, “In the coming months we are going to make many major improvements, so that people’s lives and business make it easy.” The Center is bringing “the next generation improvement” in GST. He said, “This Diwali people will get double bonus from GST improvement.”
Drawing proposal for GST reform sent to states
PM Modi said that the Center has sent a draft proposal of GST reform to the states. He said, “I hope all the states will cooperate in the initiative of the central government.” He urged the states to complete the process as soon as possible, so that the festival of Deepawali is even more spectacular. He said that the purpose of this reform is to make GST easier and amend the tax rate.
There is a proposal to keep two GST slabs with just 5 and 18 percent
Let us tell you that the Central Government has proposed only two tax slabs with 5 percent and 18 percent in the revised system of GST, which is expected to be implemented till Deepawali this year. The current slab of 12 and 28 percent has been removed in the Center’s proposal. In addition to 5 percent and 18 percent tax slab in the revised GST system, it is proposed to keep a special tax slab of 40 percent for luxury and harmful items.
GST Council meeting may be held next month
Now a group of ministers will discuss this proposal and based on it will put their recommendation in front of the GST Council. The GST Council meeting is expected to be held next month. At the moment, there is no GST on essential food items. Whereas 5 percent on daily use items, 12 percent on standard goods, 18 percent on electronic products and service and 28 percent GST on luxury and harmful items.
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