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GST Changes Benefits: The announcement that Prime Minister Narendra Modi announced from the Principal of the Red Fort on August 15 has been completed. Let us know what the general public has got about this.
GST Changes Benefits : Prime Minister Narendra Modi made his big announcement about the change in GST, after which changes have been made in it. Due to this, GST has now been reduced to two slabs of 5 and 18 percent instead of 4. The general public has got relief from inflation about this. Let us know that for the first time GST has been implemented in the year 2017. Its purpose is to make this system of GST easier. Now the discussion has intensified on what their benefits can be. So let’s tell you here through this article. You will also tell you what things have become cheap.
The main benefits of change in GST
Here, let us know that GST will apply uniform tax structure as a tax by removing more than one tax-one indirect tax. This decision made tax compliance easier and many problems were over. This created a national market, making it easier to move goods from one state to another.
Benefits of GST
GST allowed input tax credit (ITC). This means that the taxes paid by the companies on the purchase can be offset against the tax on sale. This reduced the total tax burden and the effect of tax on tax was removed. In such a situation, it became easy for the people to follow the rules. Also, an online platform Goods and Services Tax Network (GSTN) was introduced to register GST, file and pay tax. This reduced paper work and saw transparency in tax administration.
GST also helped economic growth
Here, let us know that due to the elimination of the entry to be collected on the check posts on the boundaries of the states, the cost that took the goods from one place to another declined. The cost of following the tax rules reduced and the investment in business increased and the economic growth increased continuously.
GST will not be applied on these food items
Giving information about the change in the tax slab, Finance Minister Nirmala Sitharaman said that the food items which used to be 5 to 18 percent earlier have been abolished. These included ready to eat bread, ready to eat paratha, all types of breads, pizza
Paneer, UHT milk and chhena are included. Here, let us know that the tax on goods like milk bottles, kitchen utensils, tooth powder, umbrellas, bicycles, bamboo furniture and comb has been reduced from 12 percent to 5 percent.
There will be no tax on education related goods
The government has also given relief to the students. The government has also made the goods related to education tax free. There are many things including pencil, rubber and cutter that are outside the scope of GST. These include things like pencil, rubber, cutter, notebook, globe, map, practice book and graph book.
Changes in medicines and health insurance also
This decision of the central government has brought great relief to the common people. The government has made many medicines tax free. At the same time, health-life policy has also been excluded from the purview of GST. In the GST Council meeting, 33 life saving medicines GST have been abolished. Earlier, 12 percent tax was levied on them.
Also read: The general public gift before Deepawali, relief from decreasing GST slab; These things became cheap
