4 years of GST: At present, if the turnover of a business is 40 lakhs (for goods), then it is kept out of the purview of GST. Earlier its limit was 20 lakhs.
4 years of GST: The Goods and Services Tax Act was implemented on 1st July 2017. 17 different types of taxes and cess were included in the GST law. In this, taxes like excise duty, service tax, VAT and 13 cess were included. Tomorrow its four years are going to be completed. In the last four years, 44 important meetings of the GST Council have been held and in every meeting steps are taken to improve this law. On the occasion of the completion of four years of GST, the Ministry of Finance tweeted that this law is very friendly for both the consumer and the taxpayer.
At present, if the turnover of a business is 40 lakhs (for goods), then it is kept out of the purview of GST. Earlier its limit was 20 lakhs. Those whose turnover is 1.5 crores per annum can take advantage of the composite scheme and they will get only 1 percent tax (on goods). Service based business turnover up to 20 lakhs is out of the purview of GST. In service business with a turnover of up to 50 lakhs, only 6% tax can be deposited under the composite scheme.
कुल मिलाकर, 400 वस्तुओं और 80 सेवाओं पर जीएसटी की दरों में कमी की गई है। यह देखते हुए कि जीएसटी से पहले की प्रणाली में अधिकांश वस्तुओं पर संयुक्त रूप से केंद्र और राज्यों की दरें 31 प्रतिशत से अधिक थीं; यह कमी करदाताओं के लिए एक बड़ी राहत है। #4yearsofGST pic.twitter.com/vFv3RdNSks
— पीआईबी हिंदी (@PIBHindi) June 30, 2021
One Nation One Tax dream fulfilled
Regarding GST, it was said that it has realized the dream of One Nation One Tax. According to studies, GST has reduced the inter-state barrier and due to this, there has been a 20 percent reduction in transport timings.
QRMP Scheme to start from 1st January 2021
Quarterly Return and Monthly Payment (QRMP) scheme for small taxpayers with a total turnover of up to Rs 5 crore was introduced from January 1, 2021, in which taxpayers can file their GSTR-3B returns quarterly instead of every month, while they are required to file their GSTR-3B returns every month. Tax has to be paid. Addressing the difficulties faced by small taxpayers, the GST Council has simplified the annual return and filing it has been made optional for small taxpayers whose turnover is in the financial years 2017-18, 2018-19, 2019-20 and 2020- 2 crore in 21 was up to Rs.
22 lakh taxpayers will get the benefit of zero GST
Filing of “Nil” GST return through SMS facility by registered mobile number has been introduced, which is expected to help around 22 lakh NIL return filing taxpayers. This is a big step towards increasing the convenience of the taxpayers. The GST Composition Scheme has been reformed during the last years. Service providers were covered under the scheme, and the limit for manufacturers and traders increased from Rs 1 crore to Rs 1.5 crore per annum. More than 25 lakh taxpayers benefited from these measures.
