Prime Minister Narendra Modi took to Twitter to highlight the significant benefits households have experienced from the Goods and Services Tax (GST) as it marks seven years since its implementation. In his tweet, PM Modi emphasized how GST has made essential items more affordable and reduced the financial strain on Indian families.
Key Benefits Highlighted by PM Modi
Implemented on July 1, 2017, GST replaced 17 local taxes and fees, streamlining India’s tax system. According to data from the Central Board of Indirect Taxes and Customs (CBIC), the prices of many household items, including flour, cosmetics, televisions, and refrigerators, have decreased under GST. This has eased the financial burden on households, improving overall affordability.
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.
This has resulted in significant savings for the poor and common man.
We are committed to continuing this journey of reforms… pic.twitter.com/dxh3BAYnHH
— Narendra Modi (@narendramodi) June 24, 2024
Government’s Commitment to Ease Compliance
In addition to tweeting about the financial benefits of GST, PM Modi underscored the government’s dedication to simplifying GST compliance. Finance Minister Nirmala Sitharaman echoed this sentiment during a recent GST Council meeting, stating, “We are working towards lesser compliance,” reaffirming the intent to make GST processes more user-friendly.
GST Impact and Collection
GST has been a transformative reform in India’s tax structure. The streamlined tax system has not only benefitted households but has also contributed to economic efficiency. As of March 2024, GST collections grew by 11.5% to reach Rs 1.78 trillion, showcasing the robustness of this tax system.
Further Developments and Reductions
The GST Council continues to explore further tax reductions. Upcoming discussions may include cuts on online gaming and fertilizers, indicating the government’s proactive approach to adjusting GST rates in response to market needs.
Conclusion
In his tweet, PM Modi celebrated seven years of GST, highlighting its role in making essential goods more affordable for households and reducing compliance burdens. The government’s ongoing efforts to refine this system underscore its commitment to economic efficiency and taxpayer ease.
By taking to social media, PM Modi has brought renewed attention to the positive impacts of GST on Indian households, reinforcing the significance of this landmark reform in the nation’s economic landscape.
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