GST Reforms: A Boost for Inclusive Economic Growth in Sikkim
Sikkim CM Prem Singh Tamang praises GST reforms as a progressive step towards inclusive growth. The GST Council revised rates to a two-tier structure, with special rates on select items, effective September 22. The move aims to reduce financial burdens and foster growth for farmers and small businesses.
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Sikkim Chief Minister Prem Singh Tamang hailed recent reforms in the Goods and Services Tax (GST) framework, describing them as a milestone for inclusive growth. Following approvals by the GST Council, new tax rates will be implemented on September 22, offering a simplified two-tier structure.
Chiefly, the new framework involves a reduction in GST rates to 5% and 18%, along with a hefty 40% tax on tobacco, luxury products, marking a departure from the previous slabs of 12%, 18%, and 28%. Tamang expressed gratitude towards national leadership, emphasizing the transformative nature of the reform.
Both the Sikkim government and the state BJP unit assert that these changes will alleviate financial strain on marginalized communities and small-scale businesses. Aiming for 'Viksit Bharat 2047', they express commitment to ensuring the reforms integrate into Sikkim's economic fabric, empowering the rural economy.
(With inputs from agencies.)
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