GST reduced tax rates on household goods: Finance ministry
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The finance ministry said Goods and Services Tax (GST), which completed 7 years of implementation on Monday, has brought happiness and relief to every home through reduced taxes on household appliances and mobile phones. The ministry said the GST taxpayer base has increased to 1.46 crore in April 2024 from 1.05 crore as of April 2018. GST, which subsumed about 17 local tax and cesses, was rolled out on July 1, 2017.
It stated household goods like cosmetics, wrist watches, sanitary plastic ware, doors and windows, furniture and mattresses are taxed at a lower rate of 18 per cent in the GST regime, lower than 28 per cent in the erstwhile excise and VAT regime. It added mobile phones, TVs up to 32 inches, refrigerators, washing machines electrical appliances (other than air conditioners), geysers and fans which attracted 31.3 per cent taxes in the pre-GST era, are now in the 18 per cent tax slab in GST regime.
Further, it said the compliance burden was reduced for small taxpayers, and the GST Council has recommended to waive off annual return filing requirement for taxpayers with aggregate annual turnover of up to Rs 2 crore in fiscal 2023-24. Besides, it said The quarterly return filing and monthly payment of taxes (QRMP) scheme has reduced the number of returns filed in a year from 24 to 8, for more than 44 lakh small taxpayers, IFF (Invoice furnishing Facility) ensured seamless passage of ITC (Input Tax Credit).
