Prime Minister Narendra Modi celebrated the seventh anniversary of the Goods and Services Tax (GST), highlighting its transformative impact on Indian lives. In a statement on social media, PM Modi credited GST for significantly benefiting 140 crore Indians by making essential goods more affordable.
"Reforms are crucial to enhancing the lives of 140 crore Indians. Since GST's inception, household essentials have become more accessible," PM Modi tweeted, underscoring the tax reform's role in reducing prices of items like flour, curd, and detergent.
PM Modi emphasized that GST has resulted in substantial savings for the common man and the economically disadvantaged. He affirmed the government's commitment to furthering these reforms to improve people's lives.
The implementation of GST in 2017 merged multiple central and state taxes into a unified system, effectively reducing the cascading impact of double taxation and fostering a cohesive national market, according to the Central Board of Indirect Taxes and Customs (CBIC).
Finance Minister Nirmala Sitharaman recently announced the next GST Council meeting scheduled for mid-to-late August. Agenda items include proposals to exempt specific services by Indian Railways and intra-railway transactions. The Council also discussed waiving interest penalties on demand notices for fiscal years 2017-18 through 2019-20 and extended the deadline for availing input tax credit (ITC) on invoices or debit notes.
The GST Council recommended waiving interest penalties on demand notices under Section 73 of the GST Act for fiscal years 2017-18, 2018-19, and 2019-20, excluding cases involving fraud, suppression, or misstatement. Taxpayers who settle the full tax amount by March 31, 2025, will benefit from this waiver. Additionally, the Council approved an extension for claiming input tax credit (ITC) on any invoice or debit note.
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