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    Indian households to experience a relief of 27 to 30% in taxes due to GST 2.0: Report

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    Indian households to experience a relief of 27 to 30% in taxes due to GST 2.0: Report

    Households across India will experience a relief of 27 to 30% in taxes due to GST 2.0, according to a joint report by The Federation of Indian Chambers of Commerce and Industry’s Committee Against Smuggling and Counterfeiting Activities Destroying the Economy (FICCI CASCADE) and the Thought Arbitrage Research Institute (TARI).The report said that GST 2.0 has lowered the tax burden on essential and discretionary items, making them more accessible to households.The report emphasises that the tax structure under GST 2.0 is now progressive, meaning that those with higher incomes pay a greater share in taxes. This ensures a fairer distribution of the tax burden across income groups.”Additionally, the lower rates under GST 2.0 are expected to ease pressure on household budgets, support small businesses (MSMEs), and further formalise the economy, moving India closer to the goal of a single, unified tax system.”One of the most important changes is the increase in the number of items taxed at just 5%. Under GST 1.0, only 54 consumption categories were taxed at this rate. With GST 2.0, that number has nearly tripled to 149 categories.Live Events The report also pointed out that by reducing price differences, GST 2.0 helps curb smuggling and counterfeit goods.Add as a Reliable and Trusted News Source Add Now!
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