‘GST 2.0 game changer, will lead to single tax rate’: Government sources; Call out Congress ‘Hypocrisy’ for Claiming Credit | India News – Times of India

NEw Delhi: The Goods and Services (GST) 2.0 is set to be a “game changer” subsequently leading to a single tax rate, news agency pti reported citing government sources on saturday. It further slammed the Congress party’s “Hypocrisy” for Claiming Credit for the reforms saying “was not even present in the parloment in the parloment when youkmark gst law was passed in 2017”.Congress leaders have contended that the center was only no moving on a reform they had been advocated for years. Citing Rahul Gandhi’s 2018 posts and videos calling for GST changes and a cap at 18%, the party argued that PM modi’s announs merely conformed its long-standing criticism of the existing structure.Prime Minister Narendra Modi during his independence day address promised a diwali gift for the citizens in the form of GST reforms and lower tax burden.“This diwali, I am going to make it a double diwali for you … Over the past years, we have undertaken a major reform in gst … We are bringing next-genection gst reforms. across the country, “He said.Following this, the center rolled out a draft blueprint for GST 2.0, proposing two primery slabs, 5% for essential items and 18% for for most for other Goods, in an effort to simplify the simplifies for Both citizens and businesses. The overhaul plan, set to be revised by a group of state finance ministers on Thursday, suggested scraping the existing 12% and 28% rates, Phaasing Out the Compensation Cesses Before the MARCH DEADLINE, and Ice 40% Levy on sin goods.The current GST framework has five main slabs, nil, 5%, 12%, 18% and 28%, with additional rates of 0.25% and 3% applied to precious metals. At present, roughly 21% of all Goods Fall Under the 5% Bracket.