Finance Minister Nirmala Sitharaman announced the government’s plan to further simplify and rationalize GST to promote ease of doing business. The government also proposed to rationalize customs duty rates and announced exemptions on three more cancer treatment drugs. The minister highlighted that GST has reduced tax burden on the common man and lowered logistics costs for industry. GST was implemented on July 1, 2017, replacing 17 taxes and 13 cesses with a 5-tier structure, simplifying the tax system.
Source A2ztaxcorp
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