Prime Minister Narendra Modi hailed the seven-year journey of Goods and Services Tax (GST). Quoting a newspaper report, PM tweeted on the social media platform "X" that GST has improved the lives of 140 crore Indians. “For us, reforms are a means to improve the lives of 140 crore Indians. After the introduction of GST, goods for household use have become much cheaper.”
The PM also highlighted that after the implementation of GST, the savings of the poor and the common man have increased as the GST has reduced taxes on various household items like flour, curd, detergent, etc. He said, "This has resulted in significant savings for the poor and common man. We are committed to continuing this journey of reforms to transform people's lives".
The Goods and Services Tax will complete its seven years on July 1, it was implemented in 2017. After its implementation, the tax has reduced on several products and services used by the common man. As per the Central Board of Indirect Tax and Customs, post GST various daily household items have become cheaper. It includes items like flour, television, detergent, hair oil, soap etc.
The GST has amalgamated a large number of central and state taxes into a single tax. It also mitigated the ill effects of cascading or double taxation in a major way and paved the way for a common national market. From the consumers' point of view, the biggest advantage is in terms of reduction in the overall tax burden on goods.
The Introduction of GST has also made Indian products more competitive in the domestic and international markets owing to the full neutralisation of input taxes across the value chain of production. On June 22, Finance Minister Nirmala Sitharaman announced that the next meeting of the Goods and Services Tax (GST) Council is tentatively scheduled for mid-to-late August. The GST Council proposed exemptions for specific services offered by Indian Railways to the general public, as well as for intra-railway transactions.
The GST Council recommended waiving interest penalties on demand notices issued under Section 73 of the GST Act for fiscal years 2017-18, 2018-19, and 2019-20. This section pertains to cases not involving fraud, suppression, or misstatement. Taxpayers who pay the full tax amount demanded in the notice by March 31, 2025, will benefit from this waiver. The Council approved an extension for availing input tax credit (ITC) on any invoice or debit note. (ANI)
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