GST Simplification: FM Nirmala Sitharaman's Announcement
Jul 23, 2024 12:17
Finance Minister Nirmala Sitharaman announced plans to simplify and rationalize the Goods and Services Tax (GST) structure, aiming to boost ease of doing business.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Jul 23 (PTI) Finance Minister Nirmala Sitharaman on Tuesday said the government will strive to further simplify, and rationalise GST (Goods and Services Tax), a move which would help promote ease of doing business.
The government also proposed to rationalise customs duty rates.
The minister announced customs duty exemptions on three more cancer treatment drugs.
She added that GST has decreased tax incidence on the common man, and reduced logistics cost for industry.
GST was rolled out on July 1, 2017. It subsumed 17 taxes and 13 cesses into a 5-tier structure, thereby, simplifying the tax regime.
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