99 Percent of the GST items, to below 18 Percent Slabs Rate - LATEST GST NEWS
Prime Minister Narendra Modi presented during a program organized in Mumbai. The Prime Minister said that the government will soon keep only 1 percent of the items in the 28 percent slab.
Modi said that in our country there was a demand for GST for decades. Today, we can say with satisfaction that after the GST is implemented, market discrepancies are getting away and system efficiency is increasing. We are moving towards transparency in the economy.
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Modi said that his government wants to add 99 percent of the GST items, to below 18 percent slabs rate. In the 28 percent slab, only those items will remain, which should be taxed in the right way. This step of the government will provide great relief to the people.
Modi said that the number of traders who paid tax before the implementation of GST was only 65 lakh, which has now increased to 1.20 crore since July 1, 2017. After the implementation of GST, 55 lakh new traders are connected to the tax system.
Modi said that the hard working and entrepreneurial people of the society, who are connected to the market, are getting a clean, simple, inspector Raj-free system. Whole India, with one heart, tried to implement such a huge tax reform. The result of this business of our business and people is that India can succeed in making such a big change.
In starting days, GST was moving ahead in the shadow of the system of VAT and excise in different states. As the discussions took place, gradually the changes continued. Our opinion is that GST can be as simple and convenient, it should be done.
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