Dynamite News GST has reduced rate at which people have to pay tax: Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman on Wednesday said that the Goods and Services Tax (GST) has reduced the rate at which people have to pay tax and the GST rate at present is only 11.6 per cent.
New Delhi: Union Finance Minister Nirmala Sitharaman on Wednesday said that the Goods and Services Tax (GST) has reduced the rate at which people have to pay tax and the GST rate at present is only 11.6 per cent.
In a tweet, the Finanace Minister said "GST has reduced the rate at which people have to pay tax. The revenue neutral rate as recommended by the RNR Committee was 15.3 per cent. Compared to this, the weighted GST rate at present, according to the Reserve Bank of India (RBI), is only 11.6 per cent. #4yearsofGST."
Also Read | Govt slashes corporate tax to 25.17 pc for domestic companies
Ministry of Finance said that GST has replaced the complex indirect tax structure with a simple, transparent and technology-driven tax regime and has thus integrated India into a single common market.
"GST completes four years since implementation today. GST has replaced the complex indirect tax structure with a simple, transparent and technology-driven tax regime and has thus integrated India into a single common market," tweeted Ministry of Finance.
Also Read | Facilitate tax payers by explaining the law, Nirmala Sitharaman advises IRS officers
It further said India has been able to achieve economic integration of the country with a humane touch.
"#4yearsofGST With the continuous simplification of procedures and rationalisation of rate structures so as to make GST compliance easy for common man as well as the trade, we have been able to achieve economic integration of the country with a humane touch," the ministry added. (ANI)