The central government has announced to make a major change in GST (Goods and Services Tax), which is expected to get a lot of relief to the common people. The government has decided to bring it into only two slabs, simplifying the current complex GST structure. Its main objective is to reduce tax burden on daily use items and make life easier for the general public.

Why was the change in GST necessary?

Since the implementation of GST, questions have been raised about its complex structure. Businessmen and consumers were difficult to understand due to several slabs (0%, 5%, 12%, 18%and 28%) on different goods and services. Many times people used to complain that tax burden is more on everyday things. The government took these complaints seriously and has now decided to bring a new structure with two slabs. This step will not only make the tax system easier, but will also put less burden on the pockets of the common people.

What will be special in the new structure?

The new GST structure will have two main slabs – one lower slab and an upper slab. There are plans to reduce tax on daily use items such as food items, soaps, toothpastes, and other important things. The government says that this will benefit the middle class and lower income people the most. In addition, the tax process will also be further simplified for small and medium traders, making them easier to comply with them.

How long will the new system be implemented?

Although the government has not yet announced the implementation of this new structure, it is believed that it may soon be finalized in the GST Council meeting. Experts say that this change will not only benefit consumers, but will also strengthen the economy. Consumption will increase due to low tax and increasing demand in the market will also speed up business.

What will the common man get?

The common man will benefit the most from this new change. People’s monthly expenses will be reduced due to cheap everyday things. Also, traders will also get relief from complex calculations of tax. This step of the government is not only a big step towards economic reforms, but is also a relief news for the general public.