The Lok Sabha on Thursday passed four bills that seek to amend GST laws which, among other things, seek to simplify the return filing process and increase the upper limit of turnover for opting for composition scheme from Rs 1 crore to Rs 1.5 crore, among others.
The Central GST (Amendment) Bill, Integrated GST (Amendment) Bill, Union Territory GST (Amendment) Bill and GST (Compensation to States) Amendment Bill were tabled in the lower House of Parliament on Tuesday.
Finance Minister Piyush Goyal said that the "GST Council has reduced rates on many items and services in the last round. We want the consumer to be burdened less by indirect tax."
He added that the government is making all efforts to simplify procedures and rationalise Goods and Services Tax (GST) rates to create a "good and simple tax regime as envisioned by Prime Minister Narendra Modi".
According to Goyal, the GST Council, in the last one year, has reduced rates on 384 items and 68 services. "186 items and 99 services were exempted from GST. Also sanitary pads were exempted from the GST," he said.
While acknowledging that there is a need to simplify return filing process, Goyal said that a committee was set up to study return forms which came up with a single-page return.
"It has now been placed in the public domain for wider consultation."
The Minister said some changes are needed in the law as well to bring in the simple monthly return form, which are being made through the amendment bills.
In its latest report, the IMF has projected that India would clock an economic growth of 7.5 per cent in the 2019-2020 fiscal year on strengthening of investment and robust private consumption.
Referring to the IMF report, Goyal said that, "I think India's economic growth will be better than this forecast."
He also expressed confidence that, “India will again become the Golden Bird under the leadership of Prime Minister Narendra Modi."
—With inputs from PTI