Seven years of GST have reduced taxes and improved the lives of 140 crore Indians: PM

He said, “For us, reforms are a means to improve the lives of 140 crore Indians. After the implementation of GST, household goods have become much cheaper.”

The Prime Minister also highlighted that the savings of the poor and the common man have increased after the implementation of GST as GST has reduced taxes on various household items like flour, curd, detergent etc.

He said, “This has resulted in huge savings for the poor and the common man. We are committed to continue this journey of reforms to bring about a change in the lives of the people.”

The Goods and Services Tax (GST) will complete its seven years on July 1, it was implemented in 2017. After its implementation, the tax on many products and services used by the common man has been reduced.

According to the Central Board of Indirect Taxes and Customs, after the implementation of GST, many items of household use have become cheaper. This includes flour, television, detergent, hair oil, soap etc.

GST has subsumed several central and state taxes into a single tax. This has largely reduced the ill-effects of cascading or double taxation and paved the way for a common national market.

From the consumers' point of view, the biggest benefit is in the form of reduction in the overall tax burden on goods.

With the implementation of GST, Indian products have become more competitive in domestic and international markets due to the complete elimination of input taxes across the production value chain.

On June 22, Finance Minister Nirmala Sitharaman announced that the next meeting of the Goods and Services Tax (GST) Council is likely to be held in mid-to-end August. The GST Council proposed exemptions for specific services offered by the Indian Railways to the general public as well as for inter-railway transactions.

The GST Council recommended waiving interest penalty on demand notices issued under section 73 of the GST Act for financial years 2017-18, 2018-19 and 2019-20. This section does not deal with cases involving fraud, suppression or misrepresentation. Taxpayers who pay the full tax amount demanded in the notice by March 31, 2025 will get the benefit of this waiver. The Council also approved the extension for availing input tax credit (ITC) on any invoice or debit note.