January 22, 2021

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Finance Ministry Lists GST Achievements On Arun Jaitley’s Demise Anniversary

Finance Ministry Lists GST Achievements On Arun Jaitley's Death Anniversary

Former finance minister Arun Jaitley handed away final 12 months on 24 August, aged 66

The finance ministry in a collection of tweets highlighted what it claimed as constructive modifications introduced forth below the Items and Companies Tax (GST) regime, on the event of the primary dying anniversary of former finance minister Arun Jaitley on Monday. Notably, Mr Jaitley held the ministry when the the GST was carried out in July 2017. Terming the implementation of GST as a ‘landmark reform’, the finance ministry tweeted saying that earlier the mix of worth added tax (VAT), excise obligation, gross sales tax and their cascading impact resulted in the usual fee of tax being as excessive as 31 per cent in some instances.

It additional mentioned that taxpayer base has nearly doubled to 1.24 crore below GST and that it has proved to be each shopper and taxpayer-friendly.

In a separate thread, the ministry listed a lot of gadgets whose tax charges, it claimed, have come down below the brand new tax system. The finance ministry mentioned that from every day use gadgets like hair oil, toothpaste and cleaning soap to house home equipment to cinema tickets and consuming out – the tax charges have come down on all such gadgets below GST.

The previous finance minister died on 24 August 2019, aged 66.He was appointed the finance minister within the first time period of the Prime Minister Narendra Modi authorities in 2014. He opted out of the 2019 Lok Sabha elections citing well being causes.

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