Rahul Gandhi on Tuesday revealed the manifesto of 55 pages for the Loksabha elections 2019 and spokes about transparency and simplicity in the nation’s tax system. Congress party also said that GST will be replaced by GST 2.0 This new tax system of Congress will reflect advantageous growth India, as it will accomplish the purpose of the value-added and indirect tax regime.
How GST 2.0 is unique from GST of Modi
- The GST 2.0 regime may be based totally on a single and slight rate of tax on all items and services. The rate might be revenue neutral for the contemporary indirect tax sales of the Central and State Governments and could take note of the capacity of GST 2.0 to enhance tax sales.
- Essential goods, including food grains, tablets, vaccines, and many others. And crucial services can be exempted from GST 2.0.
- Congress said that the GST 2.0 might be clean to apprehend and easy to conform with.
- In its manifesto, Congress stated that the threshold exemption for small agencies will no longer be suffering from the interstate supply of goods or services.
- The Congress declared that Real Estate (all sectors), Petroleum Products, liquor, and tobacco can be brought inside the ambit of GST 2.0 in a manner and term now not exceeding 2 years agreed to by means of the GST Council.
- Congress manifesto said that there may be no GST liability on the purchaser via the opposite charge mechanism
- Congress also promised to abolish the e-way invoice and allocate a proportion of GST revenues to Panchayats and Municipalities.
- According to the Congress’ manifesto, the GST Council may be the policy-making structure and can be served through an everlasting secretariat of tax economists, tax policy experts, and tax experts.
- Congress manifesto also stated that the DTC and GST 2.0 might be essentially civil laws and any violations will attract civil penalties so one can be proportionate to the tax kept away from.
- Congress, in its manifesto, promised that a taxpayer may be required to file an easy, single quarterly go back for his/ her business and an annual return.