Politics
“Committed to continuing this journey of reforms…”: Prime Minister Narendra Modi welcomes GST benefit for households
Prime Minister Narendra Modi has hailed the Goods and Services Tax (GST) benefits, which have made household items cheaper.
Sharing a report on the comparison of prices of household goods before and after the implementation of GST, the Prime Minister said his government was committed to reforms.
For us, reforms are a way to improve the lives of 140 million Indians. Since the introduction of GST, goods for household use have become much cheaper. This resulted in significant savings for the poor and common men. We are determined to continue this journey of reforms to transform people's lives, he said in a message on X (formerly Twitter).
On July 1, 2017, GST laws were implemented, replacing a complex web of central and state taxes. Under Indian GST, goods and services are classified into different tax slabs, including 5 percent, 12 percent, 18 percent and 28 percent.
According to data from the Central Board of Indirect Taxes and Customs (CBIC), majority of household items including flour, cosmetics, television, refrigerator, etc. have become cheaper after the implementation of GST .
Meanwhile, the Center may be able to repay loans of Rs 2.69 lakh crore that it had taken to compensate states for lost GST revenue in FY21 and FY22 by November 2025, four months before its scheduled repayment, PTI reported.
Full repayment of market borrowings is expected to be anticipated earlier than the previously calculated timeline of March 2026. The issue is expected to be taken up for discussion at the next GST Council meeting in August.
The compensation tax was initially introduced for five years to make up for the shortfall in state revenue following the implementation of the Goods and Services Tax (GST).
The compensation cess expired in June 2022, but the amount collected through the levy is being used to repay the interest and principal of Rs 2.69 lakh crore that the Center had borrowed during COVID-19.
The Center had borrowed and released Rs 1.1 lakh crore in 2020-21 and Rs 1.59 lakh crore in 2021-22 in the form of back-to-back loans to meet part of the tax collection gap and help reduce the resource gap States. due to the short release of compensation.
In June 2022, the Center extended the levy of compensation cess, which is imposed on luxury, sin and ineptitude goods, to March 2026 to repay loans taken during FY21 and FY22 in order to compensate states for lost revenue.
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Sources 2/ https://www.businesstoday.in/india/story/committed-to-continue-this-journey-of-reforms-pm-narendra-modi-hails-benefit-of-gst-for-households-434489-2024-06-24 The mention sources can contact us to remove/changing this article |
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