GST 6th Anniversary: Six years will be completed after the implementation of One Nation One Tax i.e. GST. And GST has completely rejuvenated the country’s indirect tax system. After the implementation of GST, the revenue of the government has increased, it has also helped in preventing tax evasion and its impact has been felt on the entire economic ecosystem. After the implementation of GST, there has been a reduction in the tax, due to which there has been a reduction in the monthly expenditure of every household.
On the completion of the sixth anniversary of GST, the Finance Ministry tweeted that after the implementation of GST on food items, there has been a reduction in tax. Before the implementation of GST, where 2.5 and 2.75 percent tax was levied on wheat and rice, but now no tax is levied. Earlier there was 4% tax on lassi, curd, buttermilk, now there is no tax.
Milk powder used to attract 6% tax, now 5% GST is applicable. Earlier there was 6% tax on vegetable edible oil and spices, now there is 5% GST. Earlier there was 28 percent tax on other types of watches including hand watches, now 18 percent GST is applicable. Earlier there was 28% tax on many sanitary ware items including wash basin, sink, now 18% GST is applicable. Earlier there was 28% tax on door, window and its frame, now 18% GST is applicable.
With reduced taxes, #GST brings happiness to every home: Every household saves on #MonthlyBills since implementation of #GST #6YearsofGST #TaxReforms #GSTforGrowth pic.twitter.com/EfURgEWUpc
— Ministry of Finance (@FinMinIndia) June 30, 2023
According to the Finance Ministry, earlier there was 18 percent tax on pencil sharpeners, now it is 12 percent GST. 27-inch TVs, refrigerators, washing machines, other electrical appliances, mobile phones used to attract 31.3 percent tax, now 18 percent GST is levied. There was 15% tax on LEDs, now 12% GST has to be paid. According to the Finance Ministry, after the implementation of GST, the tax on tooth powder, hair oil, toothpaste, soap has been reduced. There has been a reduction in tax on furniture, kitchenware, cosmetics, perfumes.
With reduced taxes, #GST brings happiness to every home: Relief through #GST on household appliances and mobile phones 👇#6YearsofGST #TaxReforms #GSTforGrowth pic.twitter.com/6qbdaERpzp
— Ministry of Finance (@FinMinIndia) June 30, 2023
With reduced taxes, #GST brings happiness to every home: Relief through #GST on various consumer goods of daily use 👇#6YearsofGST #TaxReforms #GSTforGrowth pic.twitter.com/5y32jdf0o3
— Ministry of Finance (@FinMinIndia) June 30, 2023
There has also been a record jump in GST collection. This year, in April 2023, a record GST collection of Rs 1.87 lakh crore was seen in a month. For the last 14 months, the collection has been more than Rs 1.40 lakh crore continuously. The GST Council has held 49 meetings so far and the 50th meeting is on July 11, 2023, in which major decisions are expected to be taken.
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