Amit Shah and PM Modi Discuss GST Benefits for Citizens
Union Home Minister Amit Shah praised Prime Minister Narendra Modi for introducing the Goods and Services Tax (GST) to provide relief to citizens. Shah stated that the GST has simplified the tax system and reduced prices of household items.
Prime Minister Modi celebrated the seven-year journey of GST, noting that it has improved the lives of 140 crore Indians by making goods cheaper and increasing savings. He emphasized that the GST has reduced taxes on various household items like flour, curd, and detergent, resulting in significant savings for the poor and common man.
The GST, implemented in 2017, will complete seven years on July 1. It has amalgamated numerous central and state taxes into a single tax, reducing the overall tax burden on goods and making Indian products more competitive both domestically and internationally.
Finance Minister Nirmala Sitharaman announced that the next GST Council meeting is tentatively scheduled for mid-to-late August. The Council proposed exemptions for specific services offered by Indian Railways and intra-railway transactions. They also recommended waiving interest penalties on demand notices for fiscal years 2017-18, 2018-19, and 2019-20, provided the full tax amount is paid by March 31, 2025. Additionally, the Council approved an extension for availing input tax credit on any invoice or debit note.
