‘GST 2.0 game changer, will lead to single tax charge’: Government sources; call out Congress ‘hypocrisy’ for claiming credit | India News

NEW DELHI: The Goods and Services (GST) 2.0 is about to be a “game changer” subsequently main to a single tax charge, information company PTI reported citing authorities sources on Saturday. It additional slammed the Congress occasion’s “hypocrisy” for claiming credit for the reforms saying it “was not even present in the Parliament when landmark GST law was passed in 2017”.Congress leaders have contended that the Centre was solely now transferring on a reform that they had been advocating for years. Citing Rahul Gandhi’s 2018 posts and movies calling for GST modifications and a cap at 18%, the occasion argued that PM Modi’s announcement merely confirmed its long-standing criticism of the prevailing construction.Prime Minister Narendra Modi throughout his Independence Day tackle promised a Diwali reward for the residents within the type of GST reforms and decrease tax burden.“This Diwali, I am going to make it a double Diwali for you… Over the past eight years, we have undertaken a major reform in GST… We are bringing next-generation GST reforms. This will reduce the tax burden across the country,” he said.Following this, the Centre rolled out a draft blueprint for GST 2.0, proposing two primary slabs, 5% for essential items and 18% for most other goods, in an effort to simplify the system and ease compliance for both citizens and businesses. The overhaul plan, set to be reviewed by a group of state finance ministers on Thursday, suggested scrapping the existing 12% and 28% rates, phasing out the compensation cess before the March deadline, and imposing a 40% levy on sin goods.The present GST framework has 5 predominant slabs, nil, 5%, 12%, 18% and 28%, with extra charges of 0.25% and three% utilized to valuable metals. At current, roughly 21% of all items fall below the 5% bracket.