Finance Minister Nirmala Sitharaman made several important announcements regarding the Goods and Services Tax (GST) in the 53rd GST Council Meeting. Here are some key points to know.
1
Adjustments in GST rates for various goods and services were announced to address anomalies and simplify the tax structure.
2
Certain items, especially those related to healthcare and essential goods, saw exemptions or reductions in GST rates to make them more affordable.
3
An extension of the compensation cess was announced to ensure states continue receiving support for revenue shortfalls due to GST implementation.
4
Steps to improve GST compliance, such as stricter measures against tax evasion, were outlined to ensure better collection and adherence to regulations.
5
Measures to ease the GST filing process for small businesses, including quarterly return filing and simplified tax.
6
Enhanced digital initiatives for GST, including the introduction of more user-friendly portals and apps to facilitate easier filing and compliance.
7
Increased turnover thresholds for GST registration and composition schemes to provide relief to small and medium enterprises.