Bihar Deputy CM Lauds GST Reforms as 'Swadeshi' Booster
Bihar Deputy CM Samrat Choudhary hailed the recent GST reforms, crediting PM Modi and FM Sitharaman for their role. The reforms, aimed at strengthening India's Swadeshi campaign, introduce new tax slabs and exemptions for the healthcare sector, to boost self-reliance and address economic concerns.
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In a significant policy shift, Bihar Deputy Chief Minister Samrat Choudhary expressed gratitude towards Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for pioneering new GST reforms. The changes are seen as a crucial push for India's 'Swadeshi' initiative, fostering economic self-reliance by prioritizing locally-made goods over foreign imports.
Finance Minister Sitharaman unveiled a significant reduction in GST rates, aimed at providing economic relief across multiple sectors including households, agriculture, and healthcare. The GST Council's 56th meeting culminated in the merger of the 12% and 28% tax slabs into a streamlined system of 5% and 18% bands, enhancing affordability and economic efficiency.
The simplified structure designates a 5% rate for essential items such as food, agricultural inputs, and small industries, while the 18% standard rate applies to most goods and services, from electronic items to certain professional offerings. A higher 40% rate targets luxury and sin goods. Notably, essential services like health and education enjoy full tax exemptions, signifying wider access and economic stability.
(With inputs from agencies.)
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