GST has reduced rate at which people have to pay tax: Nirmala Sitharaman

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New Delhi [India], June 30 (ANI): Union Finance Minister Nirmala Sitharaman on Wednesday specified that the Goods and Services Tax (GST) has minimized the rate at which people need to pay tax and the GST rate at present is only 11.6 per cent.In a tweet, the Finanace Minister specified “GST has really reduced the rate at which individuals need to pay tax. The income neutral rate as encouraged by the RNR Committee was 15.3 per cent. Compared to this, the weighted GST rate at present, according to the Reserve Bank of India (RBI), is just 11.6 per cent. # 4yearsofGST.” Ministry of Finance mentioned that GST has really altered the complex indirect tax structure with an easy, transparent and technology-driven tax regular and has actually for that reason incorporated India into a single common market.” GST surfaces 4 years thinking about that application today. GST has in fact replaced the complex indirect tax structure with a basic, transparent and technology-driven tax program and has in fact for that reason integrated India into a single common market,” tweeted Ministry of Finance.It a lot more specified India has had the capability to attain financial mix of the nation with a humane touch.” # 4yearsofGST With the continuous simplification of treatments and rationalisation of rate structures so concerning make GST compliance easy for citizen in addition to the trade, we have actually had the ability to achieve financial combination of the nation with a gentle touch,” the ministry included. (ANI).