Plugging gaps in GST: FM Sitharaman proclaims removing of 400 previous exemptions

New Delhi: Asserting that there have been report GST collections prior to now few months, Union Finance Minister Nirmala Sitharaman on Monday introduced a proposal to take away 400 previous exemptions and take each potential measure to scale back anomalies.
Sitharaman’s assertions got here a day after the Finance Ministry on Sunday introduced that Goods and Services Tax (GST) collections for January 2021 touched an all-time excessive of Rs 1.19 lakh crore because 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 stated throughout 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 additionally stated that the definition of small firms shall be revised by elevating the capital base to Rs 2 crore from the present restrict of Rs 50 lakh.