Discover and read the best of Twitter Threads about #4yearsofGST
Most recents (4)
✅On the eve of completion of #4yearsofGST , CBIC to honour the tax payers contributing to the GST success story
✅CBIC to issue certificates of appreciation to honour contributions of tax payers
Read more➡️ pib.gov.in/PressReleaseIf…
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✅CBIC to issue certificates of appreciation to honour contributions of tax payers
Read more➡️ pib.gov.in/PressReleaseIf…
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✅Government reaffirms its commitment to continuous improvement in taxpayer services
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A data analytics exercise was undertaken by the Central Board of Indirect Taxes and Customs to identify taxpayers who have made substantial contribution in payment of GST in cash along with timely filing of returns.
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GST is Destination based tax,levied at place of Consumption¬ place of Origin
Sugar,Edible Oils,Tea,Coffee(not instant),taxed at 5%&milk 0%
Average fall in tax rate is 43%+, across array of items,in last 4yrs,thx to #OneNationOneTax executed by @narendramodi govt
My thread👇
Sugar,Edible Oils,Tea,Coffee(not instant),taxed at 5%&milk 0%
Average fall in tax rate is 43%+, across array of items,in last 4yrs,thx to #OneNationOneTax executed by @narendramodi govt
My thread👇
#GST is value added tax&less inflationary;GST rate is multiplied by total pre-tax cost
In case of zero-rated supplies,retail sale is not taxed&firms claim credits for GST paid on inputs
GST was first implemented in 1954& it took a @narendramodi to have it implemented in India💪
In case of zero-rated supplies,retail sale is not taxed&firms claim credits for GST paid on inputs
GST was first implemented in 1954& it took a @narendramodi to have it implemented in India💪
Since Oct 2020,till May 2021,GST Collections have been in excess of Rs 1 lakh Cr,for 8 months in a row, endorsing uptick in economic activity
One Nation One Tax has reduced number of submissions from over 495,to barely 12,ensuring Ease in Tax filing
#4yearsofGST #OneNationOneTax
One Nation One Tax has reduced number of submissions from over 495,to barely 12,ensuring Ease in Tax filing
#4yearsofGST #OneNationOneTax
Overall, GST rates have been reduced on 400 goods and 80 services. Given that, in the pre-GST regime, the combined Centre and States rates were more than 31% on most of the items; this reduction marks a significant relief for the taxpayer. #4yearsofGST
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Common-use items such as hair oil, toothpaste, and soap have seen their tax rates come down from 29.3% in the pre-GST era to just 18% under GST. #4yearsofGST
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Appliances such as fridges, washing machines, vacuum cleaners, food grinders and mixers, shavers, hair clippers, water heaters, hair dryers, electric smoothing irons, TVs (up to 32 inches) have all seen tax rates lowered from 31.3% to 18% due to GST. #4yearsofGST
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In light of COVID-19, taxpayers were given certain compliance-related relaxations to ease their burden. Relief was provided by way of payment deferrals, reduced interest rate, and waiver of late fee/capping of late fee to Rs 500 in certain cases. #4yearsofGST
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The following exemptions/reduction in GST/ IGST on import of COVID-19 relief goods have been granted on the recommendations of the GST Council. #4yearsofGST
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The GST Council decided to slash the GST rate on several key COVID-19 essential supplies so as to provide relief to citizens during the pandemic. #4yearsofGST
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