The objective of the new era GST reforms is to modernise and simplify the country’s overall tax and revenue system. Union Finance Minister Nirmala Sitharaman said this while speaking at an event organised by the Next Generation GST Reforms Committee at the National Library in Kolkata today.

 

 

The Finance Minister elaborated on the reforms in the Goods and Services Tax. She said that, before restructuring the GST framework, which was introduced eight years ago, every aspect had been thoroughly reviewed and the opinions of the states had been taken into account.

 

 

The Finance Minister further stated that not only have tax rates been reduced, but the Income Tax Act has also been made more contemporary. The reform was implemented within just eight months. Assuring that every citizen would benefit from the new GST reforms, she added that the new tax rates would come into effect at the beginning of the festive period, right before Durga Puja.

 

 

The event was attended by West Bengal BJP president Shamik Bhattacharya, Union Minister of State for Education and DoNER Sukanta Majumdar, noted economist and legislator Ashok Lahiri, Swapan Dasgupta, Dinesh Trivedi, among others.