GST 2.0: The new GST structure will benefit the common man, farmers, middle class and small businessmen. There is a proposal to abolish the old GST slab in the GST reform. Under the new reform, a proposal has come to abolish the tax slabs of 2 per cent and 28 per cent and keep the slabs of per cent and 18 per cent.
Union Finance Minister said that with GST 2.0, the tax system will be easy, transparent and growth-oriented. In a post on her official X account of the Finance Ministry, Union Minister Sitharaman said, This will make essential goods cheaper, which will increase their consumption. The meeting of the Group of Ministers of the GST Council was also concluded on Wednesday at Vigyan Bhavan in Delhi.
Read More: RuPay Credit Card offers amazing benefits, and it has become the first choice of people.
India is moving towards self-reliance with GST 2.0
During the meeting, the Union Finance Minister said that with the new system, people will become self-reliant and the manufacturing and MSME sectors will also get a boost. He said that this is a big step taken towards making the country self-reliant.
During this, he also presented the central government’s plan for the next generation GST reform in front of the GoMs. During this, he said that in the coming weeks, the central government will agree on this with the states. As soon as the consensus is reached, it will be implemented on the ground, which will benefit on a large scale.
These things will be discussed in the upcoming meeting.
According to the PTI report, the Finance Minister’s address during the meeting was about 20 minutes. During this, he explained why it is necessary to improve the GST structure and what its benefits are. He also asked the states to support this change. The next meeting of the GoM will be held on August 21, in which insurance tax and compensation cess will be discussed, along with simplifying the tax slab.