India's GST Overhaul: A Catalyst for Economic Growth
Maharashtra's Chief Minister supports India's second-generation GST reforms aimed at reducing tax burdens and boosting the economy. The reforms include merging GST rates to new slabs, promising benefits for consumers by reducing taxes on essentials and standard goods, while maintaining higher rates for luxury items.
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The Maharashtra Chief Minister, Devendra Fadnavis, has endorsed the recent GST reforms introduced by the Indian government, describing them as crucial second-generation measures. These changes are expected to alleviate tax pressures on the populace and significantly enhance the nation's economic framework, he mentioned in a statement to reporters.
Supporting this sentiment, Gujarat's Finance Minister, Kanubhai Desai, emphasized the positive impact on the general populace. Desai noted notable GST reductions, especially on essential goods and insurance, reflecting the Prime Minister's promises of economic relief during the festive season.
Following the GST council's decisive meeting, led by Finance Minister Nirmala Sitharaman, GST rates have been restructured into two major slabs of 5% and 18%. These adjustments aim to streamline the tax structure, offering exemptions in higher slabs and luxurious items, to balance economic impetus with consumer benefits.
(With inputs from agencies.)
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