PM Modi: GST stands for Good and Simple Tax

RSTV Bureau
File photo of Prime Minister Narendra Modi at BJP's National Executive

File photo of Prime Minister Narendra Modi at BJP’s National Executive

Prime Minister Narendra Modi congratulated Finance Minister Arun Jaitley for making the Goods and Services tax ‘even simpler’ on Friday.

PM Modi’s comments came after GST Council’s recommendations and that it is in line with the government’s constant endeavour to safeguard citizens’ interests and ensure India’s economy grows.

Modi’s comments in a series of tweets came after the GST Council made sweeping changes to GST to give relief to small and medium businesses on filing and payment of taxes. The Council also eased rules for exporters and cut tax rates on more than two dozen items.

The changes came three months after the rollout of the new indirect tax regime.

Businesses with annual turnover of up to Rs 1.5 crore, which constitute 90 per cent of the taxpayer base but pay only 5-6 per cent of total tax, will now be allowed to file quarterly income returns instead of filing them every month. Small and medium enterprises had complained of tedious compliance burden under the GST that was supposed to be a simple indirect tax regime which replaced over a dozen central and state taxes. The Prime Minister said that GST continues to safeguard the growth of Indian economy.

(With inputs from PTI)