Prime Minister Narendra Modi today said that Next-Gen GST is helping expand economic activity, strengthen revenues and create more opportunities for enterprises across the country.
Sharing an article written by Finance Minister Nirmala Sitharaman, the Prime Minister highlighted that Next-Gen GST is making taxation simpler and more predictable while supporting businesses and households.
In an article for a newspaper, Ms Sitharaman underlined that Next-Gen GST is delivering on its twin objectives of relief for taxpayers and greater momentum for our economy.
She further emphasised that a simpler, more predictable and taxpayer-friendly GST will enable enterprises of every size, across every region, to grow and contribute to the vision of a Viksit Bharat.
The finance minister said that GST’s introduction in 2017 established a common national framework for indirect taxation. She highlighted that next-gen GST carries that effort forward, drawing on nine years of implementation and the experience of taxpayers and states.
The Finance Minister noted that GST registrations across central and state jurisdictions were about 17.1 million at the end of August, up by nearly 15 per cent from a year earlier.
She also said that under the vision of Prime Minister Narendra Modi, next-gen GST was conceived with two connected purposes that were to reduce and rationalise rates and to make compliance easier.
She stated that the next phase of process reforms will come before the GST Council shortly and added that these efforts seek to give households relief, businesses greater certainty and taxpayers a system in which they can fulfil their obligations without difficulty.
