00:00Goods and Services Tax, i.e. GST, is considered to be one of the biggest economic reforms of the Modi government.
00:07This has made the indirect tax process easier.
00:11Due to this, the GST collection is also increasing year by year.
00:15In August 2024, the GST collection was Rs 1.75 lakh crore.
00:20It saw a growth of 10% per annum.
00:23Last year, in August, the GST collection was Rs 1.59 lakh crore.
00:28Now, the ministers are going to meet.
00:31What can be decided in GST 2.0?
00:33What can happen?
00:34How will you benefit?
00:36Let's try to find out in this video.
00:38To make the GST process easier, the central government is continuously working.
00:42Because it is becoming easier to reduce logistical costs and do business.
00:47Keeping this in mind, the central government is paying attention to the simplification of the GST process.
00:53In the Aam Bajat 2024, the Central Minister Nirmala Sitharaman
00:57emphasized the simplification of tax laws and the adoption of technology.
01:02The minister indicated in the Budget 2024 that
01:05GST 2.0 will help unlock the possibilities of business.
01:10Tax experts say that there will be a big change with GST 2.0 in India.
01:15This will not only be an update to the GST laws,
01:18but it will also make the GST system more transparent, simple, and business-friendly.
01:23With this, the long-term demands from the industries,
01:26such as tax simplification, etc. can also be met.
01:30Along with this, it will also help to create a favorable environment for business.
01:34With GST 2.0, the tax process will be easier.
01:37This will provide support to fast-growing countries.
01:39And on a global level, India's competitiveness will increase.
01:43In the first five months of the financial year 2024-25,
01:46the total GST collection on an annual basis increased by 10.1% to Rs 9.14 lakh crore.
01:52In the financial year 2023-24, the total GST collection was Rs 20.18 lakh crore.
01:58In this, 11.7% increase was seen in comparison to the previous year.
02:03And now, a group of ministers is going to meet this week,
02:07in which there will be a discussion on the issue of making the GST doors transparent.
02:11In this meeting of the group of ministers,
02:13it will start on Tuesday, September 24 and will continue till September 25.
02:18This meeting will be held in Goa.
02:20This group was assembled to take a decision to make the GST doors transparent,
02:25which is being followed by the Chief Minister of Bihar and Vice-Minister Samrat Chaudhary.
02:30In fact, the demand has been rising for a long time to change the GST slab.
02:35Now, there are 4 slabs of tax under GST.
02:38And these 4 are 5%, 12%, 18% and 28%.
02:42There is a separate claim on some luxury and sinful items.
02:46The demand to reduce the number of GST slabs from 4 to 3 has been rising.
02:51Prior to this, the 54th meeting of the GST Council was held at the beginning of this month.
02:56GST Council is the top unit to take decisions in the matter of indirect tax.
03:01The GST Council was expected to take a decision on the decision to make the GST doors rational in this meeting.
03:07The GST Rate Rationalization Group presented two status reports in the council meeting.
03:13It is being said that in Goa,
03:15item by item rates will be evaluated in this meeting of the ministers' group.
03:21There will be 70 to 100 items in this evaluation.
03:24After the evaluation, some of the items may have an increase in the rate of tax,
03:28and some may have a decrease in the rate of tax.
03:30The focus of the ministers' group will be on the fact that
03:33the changes in the GST doors will not have much effect on the items that people consume at a large level.
03:39The direct effect of the GST doors on the market value of related items.
03:44The decision of the ministers' group in this meeting will be put forward in the next meeting of the GST Council.
03:51At any change, the last decision will be of the GST Council.
03:55The next meeting of the GST Council, i.e. the 55th meeting, will be in November.
03:59The GST Council is headed by the Central Finance Minister, Nirmala Sitharaman.
04:04So now we will have to see what decision is taken in this meeting.
04:07Its direct effect and the final decision will be in the 55th meeting, which will be held in November.
04:14So that's all in this video.
04:15What do you think about GST 2.0?
04:18Do tell by commenting.
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