Quick Summary
The Goods and Services Tax (GST), which marked its 7th anniversary on Monday, has brought significant relief to households through reduced taxes on essential items like household appliances and mobile phones, according to the finance ministry. Implemented on July 1, 2017, GST replaced around 17 local taxes and cesses, revolutionizing Indias tax structure. The theme for the 7th GST Day is Sashakt Vyapar Samagra Vikas (Empowered Trade Overall Growth). With reduced tax rates on household
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FAQ :
The finance ministry highlighted that GST has brought significant relief to households through reduced taxes on essential items like household appliances and mobile phones.
GST was implemented on July 1, 2017.
Items like unpacked wheat, rice, curd, and lassi, which were previously taxed at 2.5-4 percent, are now tax-free under GST.
Household items, including cosmetics, furniture, and mattresses, along with mobile phones, TVs up to 32 inches, refrigerators, and washing machines, now fall under an 18 percent tax rate, down from previous rates as high as 31.3 percent.
The GST Council recommended waiving annual return filing for taxpayers up to ₹2 crore turnover for FY 2023-24, and the QRMP scheme has reduced annual returns from 24 to 8 for many small taxpayers.
Yes, challenges such as fake invoices and fraudulent registrations persist, and the establishment of the GST appellate tribunal is expected to streamline dispute resolution, though its benches are not yet operational.
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