The 56th Meeting of the GST Council is underway in New Delhi. Union Finance Minister Nirmala Sitharaman is chairing the two-day meeting. The Council is expected to deliberate on India’s next-generation GST reforms, including rationalisation of tax rates and simplification of compliance. Finance Ministers of several States and Union Territories are participating in the meeting.
Prime Minister Narendra Modi, during his Independence Day address last month, highlighted hothe w Goods and Services Tax has benefited the nation. Mr Modi had underscored the importance of the next generation of reforms under GST, which will bring relief to the common man, farmers, middle class and MSMEs. The next-generation GST reforms will be unveiled on Diwali, reducing taxes on essential goods and providing relief to local vendors and consumers.
To build an Atmanirbhar Bharat, the Central Government has proposed significant reforms in GST to the Group of Ministers, which met last month. The reforms will be focused on three pillars, namely structural reforms, rate rationalisation and ease of living. Union Finance Ministry has reaffirmed its commitment to evolving the GST into a simple, stable, and transparent tax system for inclusive Growth and enhancing Ease of Doing Business across the country.
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