Next Generation GST reforms to usher country towards Atmanirbhar Bharat says FM

Finance Minister Nirmala Sitharaman has said that the next generation of GST reforms will usher in India’s journey towards becoming Atmanirbhar Bharat. The Minister made this statement while addressing the Group of Ministers (GoMs) constituted by the GST Council on Compensation Cess, Health and Life Insurance, and Rate Rationalisation in New Delhi. In a social media post, the Ministry of Finance said that these reforms are based on three key pillars, including Structural reforms, Rate rationalisation and Ease of living were proposed to the GoMs. It added that the upcoming GST reforms aims at providing greater relief to the common man, farmers, the middle class and MSMEs, while ensuring a simplified, transparent and growth-oriented tax regime. It will ensure seamless, tech-driven and time-bound registration, introduce pre-filled returns to reduce errors and mismatches and enable faster, automated refunds. Minister of State for Finance, Chief Minister of Goa, Deputy Chief Minister of Bihar and Finance Ministers of States in the three GoMs were also present during the meeting.