PIB News Update: Goods & Services Tax (GST) has replaced multi-layered, complex indirect tax structure with a simple, transparent and technology–driven tax regime which has integrated India into a single, common market by removing barriers to inter-State trade and commerce. GST has eliminated cascading of taxes and reduced turnaround time for the transporters and all teething issues are being proactively resolved regularly by the GST Council and the Government. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha today.
The Minister further stated that the Government conducts frequent meetings with the trade and industry. Representations received from trade and industry are examined, collated and brought before the GST Council from time to time. Based on the recommendations of the GST Council, amendments have been made to the GST Acts vide the CGST (Amendment) Act, 2018, the IGST (Amendment) Act, 2018, the UTGST (Amendment) Act, 2018 and the GST (Compensation to States) Amendment Act, 2018. Amendments in the GST Act have also been carried out in the Finance (No.2) Act, 2019. Further, 34 amendments have been made in the CGST Rules, 2017 till November, 2019.
Leave a Reply
You must be logged in to post a comment.