Removal of 400 Exemptions & Reduction in GST Anomalies

Removal of 400 Exemptions & Reduction in GST Anomalies
02/02/2021 , by , in ALLIED

Asserting that there have been record GST collections in the past few months, Union Finance Minister Nirmala Sitharaman announced a proposal to remove 400 old exemptions and take every possible measure to reduce anomalies. Sitharaman’s assertions came a day after the Finance Ministry on 31st January announced that Goods and Services Tax (GST) collections for January 2021 touched an all-time high of Rs 1.19 lakh crore since the introduction of GST regime.

“A record GST collections have been recorded in the last few months. As chairperson of the GST Council, I want to assure the government will take every possible measure to reduce anomalies. The government is focused to further ease the process,” Sitharaman said during her budgets. “A proposal will be brought to remove 400 old exemptions this year. From October 1, 2021, a revised customs duty structure free of distortions will be there,” she added. She also said that the definition of small companies will be revised by raising the capital base to Rs 2 crore from the current limit of Rs 50 lakh.

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