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

As we keep in mind Shri Arun Jaitley at present, allow us to acknowledge the important thing function he performed within the implementation of GST, which can go down in historical past as one of the basic landmark reforms in Indian taxation. (2/6)

— Ministry of Finance (@FinMinIndia) August 24, 2020

Earlier than GST, the mix of VAT, Excise, Central Gross sales Tax and the cascading impact of tax on tax resulted in the usual fee of tax being as excessive as 31% in lots of instances. (3/6)

— Ministry of Finance (@FinMinIndia) August 24, 2020

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.
 

Frequent-use gadgets equivalent to hair oil, toothpaste, and cleaning soap have seen their tax charges come down from 29.3% within the pre-GST period to simply 18% below GST. (1/4) pic.twitter.com/YkykooUBLq

— Ministry of Finance (@FinMinIndia) August 24, 2020

Home equipment equivalent to fridges, washing machines, vacuum cleaners, meals grinders & mixers, vegetable juice extractor, shavers, hair clippers, water heaters, hair dryers, electrical smoothing irons,TVs (as much as 32 inches) have all seen tax charges lowered from 31.3% to 18% as a result of GST. (2/4) pic.twitter.com/RBYR0s1F8A

— Ministry of Finance (@FinMinIndia) August 24, 2020

The tax on cinema tickets, earlier wherever between 35% to 110%, has been introduced all the way down to 12% and 18% within the GST regime. (3/4)

— Ministry of Finance (@FinMinIndia) August 24, 2020

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.