GST reduced on 40 lakh turnover, many things cheaper

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GST reduced on 40 lakh turnover
GST reduced on 40 lakh turnover

GST rebate on 40 lakh turnover, many things cheaper

GST is considered to be the biggest reform in the country’s indirect tax system, credited with successfully implementing the country’s former Finance Minister Arun Jaitley, who also has the first death anniversary today.

On the occasion, the current Finance Minister Nirmala Sitharaman recalled her and made several tweets.

GST is considered to be the biggest reform in the country’s indirect tax system, credited with successfully implementing the country’s former Finance Minister Arun Jaitley, who also has the first death anniversary today.

On the occasion, the current Finance Minister Nirmala Sitharaman recalled her and made several tweets. Tweets from the Finance Ministry described how GST has reduced the tax burden on the lives of businesses and common people.

After GST, compliance has been easy and the textile base has increased to 1.24 crore. The finance ministry said that the total tax rate was up to 31 cents before GST, including value-added tax (VAT), excise, sales tax and all other taxes. It has now been proved that GST is beneficial for both the consumer and the textile.

Gst relief to businesses

The finance ministry said that businesses with a turnover of Rs 40 lakh per annum have been exempted from GST, which was earlier Rs 20 lakh. In addition, even those with 1.5 crore turnover will be able to avail composition schemes and do their business by paying only 1 cents tax. Earlier, the scheme was available to businesses with an annual turnover of Rs 75 lakh.

Tax-deductible on all essentials

The finance ministry said that when GST came into force, the tax on a large number of products was reduced, at the moment the 28 cents tax net includes only luxury and harmful items.

There were the first 230 things in the range of 28 cents, out of which 200 things have been put in the lower tax slabs. The housing sector has been put in a 5 cents slab, while the affordable housing is placed at 1 cents. Gst processes have been fully automatic. In addition, 50 crore returns have been filed online so far, and 131 crore e-way bills have been generated.

Everyday things were cheaper

The finance ministry said that the tax on daily use items like oil, toothpaste, soap, etc. has been reduced after GST came in. Before GST, these were taxed at 29.3 per cent, which has now come down to 18 cents. Not only that, before GST, but cinema is also taxed at 35 cents to 110 cents, now it attracts 12-18 per cent GST.

According to the Finance Ministry, when GST was introduced, there were only 65 lakh assessees, which have now gone up to Rs 1.24 crore. GST was implemented on July 1, 2017, with about 17 taxes combined.

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