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Government will make the structure of GST easier, the number of slabs will be reduced to only 2 – GST government plans only two tax slab in gst know what are plans for reforms in gst

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Reforms are going to be implemented soon in GST system. The government has proposed a two -slab easy GST structure. These will include a standard and merit sbels. Only select items will come under special rates. The government has sent this proposal to the Group of Ministers (GOM). The GST Council created this GOM for review of GST system in 2021. Prime Minister Narendra Modi announced the next generation GST reforms from the ramparts of the Red Fort on 15 August.

GST system came into force 8 years ago

Prime Minister Narendra Modi said that GST The system was implemented in 2017. He said that it was one of the big reforms so far. In this, the next generation reforms will provide relief to the common man, farmer, middle class and MSME. This reforms is the basis on three columns -starchy reforms, rate rationalization and Ease of Living. The government will eliminate the problem of inverted duty structure under structural reforms. There will be a focus on decreasing disputes about the classification of items. Also, there will be a focus on maintaining stability at GST rate in the long term.

Focus on making registration process easier

The government also wants to make tax structure easier in GST. Under this, there is a plan to reduce tax on many things essential things. This will lead to a two -slab system. The government is trying to increase Ease of Living. For this, there will be ways to make GST registration process easier. The use of technology in registration process will increase. Pre-Filled returns will be used, which will reduce the cases of Missamach.

GST rates will reduce the prices of things

Experts say that the GST structure is easy to increase the compliance. Also, rates rationalization will increase the growth of many sectors. Value Edition will be encouraged in the country. Due to decrease in prices of things, people will increase interest in buying them, which will increase demand in economy. The government will try to agree between the members of the GST Council regarding these changes. Finance Minister Nirmala Sitharaman is the head of the GST Council. It consists of Finance Ministers of all states.

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