GST Cuts Bring Relief To Households, Lower Taxes On Appliances: Finance Ministry
GST taxpayer base has increased to 1.46 crore in April 2024 from 1.05 crore as of April 2018, the finance ministry said.
The Union Finance Ministry announced on Monday that the Goods and Services Tax, now in its seventh year, has provided joy and relief to households by lowering taxes on home appliances and mobile phones.
GST, which replaced approximately 17 local taxes and cesses, was implemented on July 1, 2017. The theme for the 7th GST Day was "Sashakt Vyapar Samagra Vikas" (empowered trade, comprehensive growth).
"With reduced tax rates on household goods after GST implementation, #7yearsofGST has brought happiness and relief to every home through lower GST on household appliances and mobile phones," the ministry said in a post on X (Twitter).
The GST taxpayer base has increased to 1.46 crore in April 2024 from 1.05 crore as of April 2018.
"We have witnessed a quantum jump in taxpayers base along with improved compliance," Central Board of Indirect Taxes and Customs Chairman Sanjay Kumar Agarwal said.
The ministry said GST has enhanced the ease of living with every household saving on expenditure on food items and items of mass consumption after implementation of the indirect tax.
Rate of food items like unpacked wheat, rice, curd, and lassi, which were taxed at 2.5-4% before GST implementation, is at nil after the GST rollout.
Household goods like cosmetics, wrist watches, sanitary plastic ware, doors and windows, furniture and mattresses are taxed at a lower rate of 18% in the GST regime, lower than 28% in the erstwhile excise and VAT regime, the ministry said.
Mobile phones, TVs up to 32 inches, refrigerators, washing machines electrical appliances (other than air conditioners), geysers and fans which attracted 31.3% taxes in the pre-GST era, are now in the 18% tax slab in GST regime, the ministry said.
It also said the compliance burden was reduced for small taxpayers, and the GST Council has recommended to waive annual return filing requirements for taxpayers with aggregate annual turnover of up to Rs 2 crore in fiscal 2024.
The quarterly return filing and monthly payment of taxes scheme has reduced the number of returns filed in a year from 24 to 8, for more than 44 lakh small taxpayers, it said, adding invoice furnishing facility ensured seamless passage of input tax credit.
(With inputs from PTI.)
