All You Need To Know About Reduced GST Rates And Related Changes

On August 24, 2020, the Finance Ministry of India announced that the Goods and Services Tax (GST) rates had been reduced. The said movie will ensure compliance and will be easier for taxpayers to pay their taxes. In a thread of tweets, Nirmala Sitharaman paid her respect to the Late former finance minister, Shri Arun Jaitley, on his first death anniversary, for his valuable contribution to the nation’s financial system, during his term from 2014 to 2019. He is well recognized for his role in implementing GST back on July 1, 2017.

Following were the notable points highlighted by the Finance Ministry:-

 

The Finance Ministry further added that “All processes in GST have been fully automated. Till now, 50 crore Returns have been filed online and 131 crore e-way bills generated.”

With various relaxations being introduced in the Indirect Taxes Segment, this will be a huge relief to the taxpayer and will enable him to observe the laws even more diligently.

Exit mobile version