Major GST Reforms Announced by PM Modi: A Boost for Traders and Consumers
Prime Minister Narendra Modi announced a major reform in Goods and Services Tax (GST), reducing tax rates and simplifying structures to benefit traders and consumers. Basavaraj Bommai, BJP MP, praised the initiative, highlighting its potential positive impact on traders, farmers, and consumers ahead of Deepavali.
- Country:
- India
In a significant development for India's taxation system, Prime Minister Narendra Modi has announced a comprehensive reform of the Goods and Services Tax (GST), aimed at reducing rates and simplifying the existing tax structure. BJP MP Basavaraj Bommai lauded the initiative as a major reform beneficial to both businesses and consumers.
Describing the move as a key step towards simplifying taxation, Bommai recalled that GST was introduced with the goal of creating a unified tax system. Feedback from farmers, traders, and businesses over the years had indicated the need for adjustments, leading to the current reform which includes reduced tax slabs and lower GST rates on essential goods.
Prime Minister Modi declared these changes during his Independence Day speech, positioning them as part of next-generation GST reforms set to roll out by Deepavali. The adjustments aim to lower the cost of daily-use items, significantly benefiting MSMEs and contributing to economic strength.
(With inputs from agencies.)
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