The Finance Ministry has counted the achievements of GST, said – Businessmen got many facilities

The Finance Ministry said that GST has benefited traders tons and therefore the government has given many facilities. Giving big relief to the traders, businesses with turnover up to Rs 40 lakhs once a year exempt from GST. Similarly, the govt has opted to pay just one tax on businesses with annual turnover up to Rs 1.5 crores by choosing a composite scheme have given.

It is worth noting that the products and Services Tax, Council gave an enormous gift to small businessmen in January 2019, while Arun Jaitley was the minister of finance. Companies with annual turnover up to Rs 40 lakh were exempted from GST registration. Earlier this limit was 20 lakh rupees.

achievements of GST

Similarly, the GST Council had announced a doubling of exemption from GST registration for companies within the northeast and hill states from Rs 10 lakh to a turnover of Rs 20 lakh.

In a tweet, the Finance Ministry said, ‘At present, only a couple of taxes and other non-essential items have levied a better GST tax of 28 percent. Earlier there was a 28 percent tax on 230 items, which has been reduced to only 30 items. The remaining 200 items are delivered to a lower tax slab.

achievements of GST

Alike, many relief has been given to the development sector, especially the housing sector. The GST rate for this sector is now only 5 percent. Not only this, but GST has also been reduced to only 1 percent for affordable use.

The Finance Ministry said that after the implementation of the GST, the taxpayer base has doubled. Initially, there were around 65 lakh assesses under the GST, now this number has increased to 1.24 crore.