New Delhi: Finance Minister Union Nirmala Sitharaman on Wednesday said that the tax and service tax (GST) has reduced the level in which people have to pay taxes and the current GST level is only 11.6 percent.
In a tweet, the fininace minister said, “GST has reduced the level in which people have to pay taxes.
The neutral level of income as recommended by the RNR committee is 15.3 percent.
Compared to this, current weighted GST tariff, according to the Reserve Bank of India (RBI), only 11.6 percent.
# 4yearsofgst.
“The Ministry of Finance said that GST has replaced complex indirect tax structures with a simple, transparent and technology-based tax regime and has integrated India into a shared market.
“GST completed four years since the current implementation.
GST has replaced a complex indirect tax structure with a simple, transparent and technology-based tax regime and thus integrates India into one public market,” Tweeted Minister of Finance.
Furthermore, said India had been able to achieve economic economic integration with a human touch.
“# 4yearsofgst with simplification of procedures and rationalization of continuous rate of structure to make GST compliance easy for ordinary humans and trade, we have been able to achieve the economic integration of the country with a human touch,” added the ministry.
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GST has reduced the level where people have to pay taxes: Nirmala Sitharaman
