GST Reforms: A Beacon of Hope, or a Revenue Concern?
Gujarat Minister Rushikesh Patel hails the new GST reforms as a 'big gift' benefiting various sectors, while AIMIM's Asaduddin Owaisi cautions against potential state revenue losses. GST rates have been restructured into three main slabs, with crucial exemptions remaining intact, sparking debates on economic implications.
- Country:
- India
In a significant policy development, Gujarat Minister Rushikesh Patel has lauded the recent Goods and Services Tax (GST) reforms as a substantial boon to the nation's economy. He emphasized the widespread benefits across sectors, underscoring the intention to support middle-class and impoverished families.
Minister Patel referenced Prime Minister Narendra Modi's commitment to a prosperous Diwali for Indians, noting that the GST Council's actions reinforce this promise with substantial tax exemptions and reformations set to touch every economic facet.
Contrarily, AIMIM leader Asaduddin Owaisi has critiqued the reforms, predicting a hefty revenue shortfall for states. He warns of a financial hit ranging from Rs 8,000 to 10,000 crore, raising concerns over the consistency of the government's economic strategies.
(With inputs from agencies.)
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