⁠Announcements By Nirmala Sitharaman  on GST

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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

Rate Rationalization

Adjustments in GST rates for various goods and services were announced to address anomalies and simplify the tax structure.

2

Exemption and Reduction

Certain items, especially those related to healthcare and essential goods, saw exemptions or reductions in GST rates to make them more affordable.

3

Compensation to States

An extension of the compensation  cess was announced to ensure states continue receiving support for revenue shortfalls due to GST implementation.

4

Compliance Measures

Steps to improve GST compliance, such as stricter measures against tax evasion, were outlined to ensure better collection and adherence to regulations.

5

Small Businesses

Measures to ease the GST filing process for small businesses, including quarterly return filing and simplified tax.

6

Digitalization Initiatives

Enhanced digital initiatives for GST, including the introduction of more user-friendly portals and apps to facilitate easier filing and compliance.

7

Increased Threshold Limits

Increased turnover thresholds for GST registration and composition schemes to provide relief to small and medium enterprises.