GST Overhaul: PM Modi's Reforms Set to Boost Indian Economy
Union Minister Dharmendra Pradhan praises Prime Minister Modi for implementing decisive GST reforms aimed at accelerating economic growth. The GST Council's recent meeting unified slabs and reduced rates, significantly lowering the cost of essential goods and education, while excluding key services from tax to invigorate the economy.
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- India
In a significant move to propel the Indian economy, Union Minister Dharmendra Pradhan commended Prime Minister Narendra Modi for ushering in transformative GST reforms. Pradhan attributed these changes to the GST Council's recent consensus, claiming that they will streamline tax rates and drive economic acceleration.
The council's 56th meeting announced a comprehensive overhaul of GST slabs, merging the existing 12 per cent and 28 per cent rates into two more streamlined categories of 5 per cent and 18 per cent. The 5 per cent slab now encompasses essential goods and services, notably reducing costs for everyday items like food and kitchen supplies, along with agricultural equipment.
Meanwhile, the 18 per cent slab applies to most goods and services, including automobiles and electronical appliances. In contrast, luxury items remain taxed at a 40 per cent rate, targeting high-end products and sin goods. Importantly, several educational and healthcare items are now fully exempt, fostering access and affordability in these critical sectors.
(With inputs from agencies.)
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