After the GST reduction, Finance Minister Nirmala Sitharaman engaged in a conversation through AajTak with individuals from diverse parts and sectors of the country, answering their queries. During this interaction, a CA student from Bengaluru engaged with the minister about GST 1, 2, and the much-debated GST 3.
The student named Yash inquired about the essence of GST 1 as the Unification of All Taxes and GST 2 signifying Simplification. He asked what's envisioned for GST 3.
The Minister Was Impressed by the Student's Question
Finance Minister Nirmala Sitharaman was quite impressed by this question. She praised the student for beautifully describing all stages of GST. Indeed, GST 1 is exactly how you described it – a consolidation of various taxes eliminating disparities to prevent complexities like double taxation.
While responding to the student's insight, she further elaborated on GST 2, confirming it was about Simplification – whether in applying tax rates or concerning any tax-related matters. GST 2 truly stood for simplicity.
Minister Explains the Meaning Behind GST 3
Nirmala Sitharaman then addressed the third riveting question about GST 3. She mentioned that the question extends beyond her, tying into consumer experience. The simplicity associated with taxation is effectively experienced by people, and efforts are being made to sustain this ease. In the coming years, more clarity on GST 3 is anticipated to manifest as understanding deepens. The time will come when I can explain further what GST 3 entirely stands for.
The Finance Minister expressed gratitude to the student for his pertinent questions on GST and praised his remarkable observations, admiring how vividly he described GST.
