New Delhi [India], September 4 : Union Minister of State for Finance Pankaj Chaudhary stated that the new Goods and Services Tax (GST) slabs will provide relief to the common man, small traders and micro, small and medium enterprises (MSMEs).
While speaking to ANI, Chaudhary said, "The purpose behind making two slabs was that earlier there used to be four slabs, 5 per cent, 12 per cent, 18 per cent, 28 per cent and a lot of confusion was created in it. This has been done to remove that and to make the work of making GST easier. This will provide relief to the common man, small traders, and MSMEs."
"The rate rationalisation committee was working on this for about a year or two. All the states were also in agreement that the rates should be changed, and work was going on for this for many years. The Government of India gave its proposal, which was passed unanimously by all the members of the GST Council," he said.
The minister said that the reform will bring ease of doing business in multiple fields and be a huge relief for the healthcare & insurance sector.
"Under this, people can have ease, there is ease in doing business and things of common need, whether it is a thing for the use of the common man, whether it is a matter of farmers, whether it is a matter of the middle class, whether it is the field of education, health, insurance, our government has given a huge discount to individuals in life insurance and health insurance," Chaudhary said.
He recalled Prime Minister Narendra Modi's announcement from the Red Fort on August 15, where he had promised a Diwali gift to the people in the form of a next-generation reform in GST.
The minister also emphasised that the government is committed to ensuring that the benefits of the tax changes are effectively distributed to the people. "As far as awareness is concerned, you people are the best medium and after that the government will make full efforts to ensure that whatever relief we have given in GST is passed on to the common people, the government is also concerned about that," he said.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor