Prime Minister Narendra Modi has completed 25 years in public service, a journey defined by the mantra of Jan Seva Se Desh Seva, and a relentless commitment that continues. Guided by this vision for Seva and Sushasan, the Government has been ceaselessly working towards achieving the goal of a Viksit Bharat by 2047. Through inclusive development and social empowerment, this dedication is transforming lives. Today, in our special series, we bring you an instance of how this vision has been translated into action through initiatives like GST Council.
Introduced on 1ST July, 2017, the Goods and Services Tax (GST) marked a significant milestone in India’s tax reform journey. By bringing multiple Central and State taxes under a unified framework, GST gave effect to the principle of One Nation, One Tax and paved the way for a more integrated and streamlined taxation system across the country. The proposals of the GST Council seek to create a more predictable and taxpayer-friendly GST registration framework. Under the next-generation GST reforms last year, the GST council had simplified the earlier four-tier structure of 5 per cent, 12 percent, 18 percent, 28 percent into a two tier structure of 5 percent and 18 percent. Addressing the Bloomberg New Economy Forum in New Delhi today, Prime Minister Narendra Modi said that through GST, the government has transformed a complex web of taxes into a national market.
Addressing media after the 58th GST Council meeting in New Delhi, Union Finance Minister Nirmala Sitharaman said that the Council recommended removing arrest powers under GST, raising the prosecution threshold from one crore to five crore rupees.
Over the past nine years, standardised procedures and rationalised rates have supported greater transparency, accountability and economic growth and strengthened the vision of ‘Ek Bharat – Shreshtha Bharat’.
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