PM’s GST Diwali Bonanza Timely, Strategic Move: Experts
New Delhi: According to experts, Prime Minister Narendra Modi’s announcement of the GST 2.0 is a timely and strategic movement to create a flexible Indian economy.
Modi, one of the walls of the historical red castle, announced that the GST rates would be reduced by Diwali and reduced the prices of daily use items because the government tried to reform the eight -year tax regime struggling with lawsuits and escapes.
Later, the Ministry of Finance, most goods and services on two plates – standard and merit – taxation suggested to be taxed and suggested that a few elements be collected special rates. This is that the sale of goods and services to replace the existing goods and services tax (GST) structure and the provision of services are taxed in four different parentheses, 5, 12, 18 and 28, with luxury and sin goods with a highest tax of 28 percent.
“The Prime Minister’s GST 2.0 vision is a timely and strategic movement to create a flexible Indian economy. These are not just procedural changes, these are the basic structural reforms designed to reduce the risks arising from global trade tensions. By discussing the opposite task structure, the global scene makes more competitive,” he said.
Simultaneously, rationalization rates will increase internal consumption and create a strong buffer against external shocks, he added.
Grant Thornton Bharat, joint tax planning and optimization Krishan Arara, GST ratio structure rationalization has been on the cards for a while, he said.
“With the announcement of the Prime Minister, the ratio determination seems to have been completed and the daily consumption items can be expected to fall to 12 percent to 5 percent, which not only reduces the final product prices, but can also increase consumption and demand for MSMEs.” He said.
The eight -year -old tax regime, which combines central taxes such as consumption tax and state taxes with a single tax, led to double the indirect tax base, but the tax rate deductions and the pandemic slowdown mean that the collected net income approached the recent level of GST.
Partner, Tax Connect Advisory Services LLP partner Vivek Jalan, GST Council’s ratio rationalization for a great exercise for the last eight months, and a group of ministers (GOM) reviewed the comprehensive ratio rationalization program, he said.
“This Diwali is expected to be brought to the lower sign of 5 percent GST by ordinary man.
Jalan said that a lower GST rate would be good for the general economy.
CANDRAJİT BANERJEE, General Manager of CII, said the Prime Minister’s Independence Day reflecting a deep commitment to strengthen India’s youth, strengthening Msmes and accelerating the Atmanirbhar Bharat mission.
PM-Victory Bharat Rozgar Yojana’s RS 1 Lakh Crore Youth Strengthening Initiative has the potential to create large-scale employment opportunities, develop skills and create open paths for open paths with 15,000 RS support for job seekers for the first time.
MSMES continues to gain significant extent from these measures as the backbone of the Indian economy. BANERJEE said that increasing abilities, targeted incentives and a stronger domestic production ecosystem will enable them to scares, innovations and more deeply integrated into global value chains.
“The long -awaited GST 2.0 seems closer now. The Prime Minister has promised a bonanza for Aam Aadmi in Diwali in his speech on 79th. Instead of Aam Aadmi. There is the possibility of two GST Council meetings on this issue. “Harsh Shah said the application of common, economic laws.
When the GST collections in 2025-26 FY are likely to overcome 22 Lakh Crore (an average per month of 1.85 Lakh Crore collection), it is time to increase the economy, especially in the last few months, considering the geopolitical situation.
