GST Reforms: Transforming India's Economic Landscape
Chhattisgarh Chief Minister Vishnu Deo Sai praised the GST reforms under PM Narendra Modi, highlighting significant tax simplifications and reductions. Reduced GST rates on various goods and services are expected to benefit 150 crore Indians, aiding farmers, MSMEs, and the middle class while making essential items more affordable.
- Country:
- India
On Friday, Chhattisgarh Chief Minister Vishnu Deo Sai lauded the Goods and Services Tax (GST) reforms under Prime Minister Narendra Modi, stating they have ushered in a revolutionary economic change and eased the lives of 150 crore Indians.
During a press conference at Kushabhau Thakre Parisar, Sai highlighted that GST has transformed into 'Good and Simple Tax'. Before the GST introduction on July 1, 2017, India faced a complex tax system with 17 types of taxes and 13 kinds of cess. Now, income up to Rs 12 lakh annually is tax-free, and GST slabs are simplified, with many essential items seeing a tax reduction, benefiting both citizens and industries.
Essential goods like cooking oil and health insurance costs have decreased significantly. The reforms particularly support agriculture, with reduced GST rates on tractors and machinery saving farmers considerable sums. Moreover, eliminating GST on health and life insurance strengthens social security, marking a significant stride towards India's development vision according to Sai.
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