GST 2.0: A New Dawn in Taxation and Governance
Law Minister Arjun Ram Meghwal announced the GST 2.0 reform, aiming to simplify taxation and facilitate easier compliance for households and businesses. The reform reduces required GST returns from 37 to 3 per year and introduces a two-slab taxation structure. Measures to combat illicit trade are also being emphasized.
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- India
Law Minister Arjun Ram Meghwal outlined the government's introduction of GST 2.0, a significant overhaul in India's taxation system, at an event organized by an industry body. This reform is poised to address the industry's call for simplified and efficient tax processes.
According to Meghwal, GST 2.0 transcends taxation concerns, streamlining compliance for both households and businesses. The reform showcases a reduction in the number of required GST returns from 37 in 2017 to just 3 today, reflecting a responsive and progressive governance model.
The new GST structure adopts a two-slab system with rates of five and 18 percent, ensuring easier adoption across sectors. Meghwal also emphasized the need to clearly define and collectively combat illicit trade, further enhancing the efficacy of the tax framework.
(With inputs from agencies.)
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