Hailing the decisions taken in the third Goods and Services Tax (GST) council meet amidst constant criticism from the opposition since its implementation in July this year, Prime Minister took to his Twitter account on Friday and said that the Good and Simple Tax (GST) becomes even simpler. The recommendations will immensely help small and medium business. The GST Council meet was chaired by Finance Minister Arun Jaitley along with other minister where a unanimous decision to cut down GST rate and ease compliance norms for small and medium scale businesses were taken.

Further speaking out his thoughts on the GST Council meet, Prime Minister Modi tweeted that GST is in line with our constant endeavour to ensure interests of our citizens are safeguarded and India’s economy grows. Composition scheme has been made more attractive and other facilitation measures will make the GST even more people-friendly and effective.

It was unanimously decided in the 3rd GST Council meet to lower the GST rates on some Goods and Services which resulted in cost reduction in almost 27 items of public use. Also various changes made to give relief to small and medium scale industries, decisions like allowing businesses with turnover upto Rs 1.5 crore annual turnover to file quarterly and raising the threshold for the composition scheme from Rs 75 lakh in turnover to Rs 1 crore were taken.

“I congratulate the Finance Minister Arun Jaitley and his team for engaging with various stakeholders for extensive feedback which led to today’s recommendations,” PM Modi has said. The Bharatiya Janata Party (BJP)-led government in July this year in one of the biggest economic reform since Independence launched the Goods and Services Tax in the country in a grand way. However, the many parties in the opposition including the BJP government for showing rush in implementing the GST. 

Also, traders and textiles industries in various parts of the country protested against the high GST rates applied on their businesses. Although, the government had earlier also conveyed it to the masses and its critics that the reforms will be made in the GST as and when their will be a required need. Therefore, the current changes made in the GST rates and bringing out ease norms for small and medium scale businesses have come after taking feedback from all the stakeholders.

Prime Minister Narendra Modi during his Gujarat visit while addressing a public gathering in Dwarka had said that Diwali has come early for our citizens due to the decisions taken in the GST Council. “We had said we will study all aspects relating to GST for 3 months, including the shortcomings. And thus, the decisions were taken with consensus at the GST council,” PM Modi added.

First Published | 7 October 2017 7:35 PM
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