India's Bold GST Reforms: A Landmark Move Toward Self-Reliance

In a major fiscal overhaul, RSS affiliates have lauded the reduction of GST rates, describing it as a set of 'bold and people-friendly' reforms under Prime Minister Narendra Modi's 'visionary' leadership. This move is anticipated to galvanize domestic industries, empower MSMEs, and bolster the foundation of India's quest for self-reliance.

Following the GST Council's decision to slash rates on various common-use items, ranging from personal care products to insurance policies, the two-rate GST system of 5% and 18% signifies a shift aimed at reducing the tax burden on the general populace. This reform intends to increase purchasing power and consumption demand, thereby positively affecting India's GDP.

The reform has been welcomed across various sectors, with organizations like Swadeshi Jagran Manch and Bharatiya Mazdoor Sangh emphasizing the shift towards a more equitable tax structure. Leaders hope that industries, insurers, and traders will pass the benefits to consumers promptly by reducing prices and improving access to goods and services.