We are bringing next-generation GST reforms, says Narendra Modi on Independence Day
Indian PM Narendra Modi on Friday announced that his government will reveal the new Goods and Services Tax (GST) reform during the Diwali festival in October.
"This Diwali, I am going to make it a double Diwali for you," Modi said in his 103-minute-long Independence Day speech delivered from the historic Red Fort.
"We are bringing next-generation GST reforms," he said.
What is GST?
GST is one indirect tax for the whole nation, which will make India one unified common market.
GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage, read a government statement.
The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
Ex-Bigg Boss Kannada contestant Divya Suresh booked in Bengaluru hit-and-run case
Weeks after a late-night hit-and-run accident in Bengaluru left three people injured, the city’s traffic police have identified former Bigg Boss Kannada contestant Divya Suresh as the alleged driver of the car involved in the crash, media reports said.
Delhi: Two cousins burnt to death after Fortuner SUV catches fire post collision with truck
Two young cousins were killed in a horrific road accident in outer Delhi’s Rani Bagh area early Thursday after their Toyota Fortuner SUV collided with a truck and caught fire, media reports said.
Centre earns ₹377 cr from scrap disposal, frees 130 lakh sq ft office space under cleanliness drive
New Delhi: The Centre has generated ₹377 crore in revenue and freed up over 130 lakh square feet of office space through its ongoing Special Campaign 5.0, focused on cleanliness and administrative efficiency, the government said in a statement on Friday.
'All is not well': S Jaishankar slams UN over inaction on terror, calls for urgent reforms
External Affairs Minister S. Jaishankar launched a sharp attack on the United Nations on Thursday, saying the global body has failed to live up to its founding principles and no longer reflects present-day realities.
Latest News
Ex-Bigg Boss Kannada contestant Divya Suresh booked in Bengaluru hit-and-run case
Delhi: Two cousins burnt to death after Fortuner SUV catches fire post collision with truck
Centre earns ₹377 cr from scrap disposal, frees 130 lakh sq ft office space under cleanliness drive
Following India's suit, Afghanistan builds dams on Kunar River; restricting Pakistan’s access to water