Nirmala Sitharaman: GST Reforms Brought Relief to Common People

Nirmala Sitharaman GST Reforms: Union Finance Minister Nirmala Sitharaman recently asserted that on every count. GST has greatly relieved the common man of his tax burden since its inception. Speaking at an event, she reiterated that the reforms merely streamlined the indirect taxation structure of India to make the goods and services further affordable for households.

GST Simplified India’s Tax Structure

Consumers paid various taxes like excise duty, service tax, VAT, and octroi before GST came on tap in 2017. All of which were overlapping and billing higher prices. The Finance Minister observed that GST merged all these taxes into one single tax across the country, eliminating cascading effects from the system, and achieving a sort of uniformity in terms across states. This also ensured transparency in the indirect tax system while giving lower rates on several essential commodities.

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Common man’s Relief

According to the Finance Minister, many of the items of daily use are now benefited by lesser slabs of GST than this applicable in the pre-GST tax regime. Household goods, food items, and other basic services have witnessed drastic cuts in tax rates helping middle- and low- income families. Sitharaman also said that mass consumer items are either exempt from GST or are charged the lowest slab at 5%, giving relief to the common folks.

Boom for Compliance and the Economy

Nirmala Sitharaman GST Reforms is causing players in the informal economy to formalize their businesses. Hence widening the tax base and increasing government revenue. Sitharaman said that online filing and input tax credit mechanism went a long way to not only curb tax evasion. But also helped merchants and manufacturers to become more efficient, thus stabilizing prices for consumers.

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