GST reforms to make life easier for both businesses, consumers: Sitharaman
Finance Minister Nirmala Sitharaman on Saturday said the recent Goods and Services Tax (GST) overhaul is not limited to rate reductions but is designed to make life easier for both businesses and consumers.
In an interview to PTI, she explained that the reforms include simplified compliance norms, faster refunds and quicker registrations. Under the new framework, 90 per cent of refunds will be processed within a stipulated time, and companies will be able to register within three days.
Simplifying product classification
The GST changes, effective from September 22, will also resolve confusion over product classification by placing similar goods in the same tax bracket.
For instance, salted popcorn, whether loose or pre-packed, will now be taxed at 5 per cent. Earlier, pre-packed salted popcorn attracted 12 per cent tax and caramel popcorn 18 per cent. Cream buns too will now fall under the 5 per cent slab, down from 18 per cent.
