Government Official Meghwal Announces Simplified GST (Goods and Services Tax) 2.0 to Streamline Businesses and Household Affairs
Union Minister Arjun Ram Meghwal and former Union Law Secretary P.K. Malhotra recently addressed the 11th edition of the Movement Against Smuggled and Counterfeit Trade (MASCRADE). At the event, a report titled 'Decoding the Journey of GST Reforms: GST and Its Effect on Economy, Business and Household Consumption' was released by CARE Ratings.
Meghwal spoke about the significant relief that recent Goods and Services Tax (GST) reforms have brought to all stakeholders. He emphasised that GST 2.0, a landmark reform reshaping India's indirect tax system, is about easing life for households and businesses. The minister highlighted the reduction in GST returns filings from 37 to 3 as a sign of effective governance and improvement in ease of doing business for enterprises.
GST 2.0 is also making a positive impact on the everyday lives of households. Meghwal mentioned that the reform is improving ease of living for households, while Malhotra pointed out the economic and social costs of illicit trade, emphasising the need to curb it. Malhotra suggested the need for sustained, coordinated action, backed by robust enforcement and clear, enforceable laws.
Globalisation has enabled a parallel economy, leading to smuggling, counterfeiting, tax evasion, and trafficking, according to Malhotra. He stressed the importance of clearly defining illicit trade and collectively eliminating it. Meghwal affirmed that recommendations from MASCRADE 2025 will be considered by the government.
In India, the challenge to tackle illicit trade is urgent, as the country aims to become a $30 trillion economy by 2047. The report released by CARE Ratings highlights the positive impact of GST reforms on the economy, business, and household consumption. The organisation's research team is responsible for the report.
In conclusion, the discussion at MASCRADE highlighted the importance of addressing illicit trade in India, while also celebrating the positive impact of GST reforms on the economy and everyday lives of households and businesses.
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