Major GST Reforms Bring Relief to Consumers and Farmers
The government's decision to reduce GST rates and eliminate certain tax slabs is welcomed by officials and farmers, promising relief to consumers. However, concerns remain about revenue losses for smaller states like Himachal Pradesh. Major relief in agricultural and medicinal sectors is highlighted as a benefit of these reforms.
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The recent decision by the state government to slash Goods and Services Tax (GST) rates and remove the 28 and 12 percent slabs has been met with praise from both political figures and the agricultural community. The move is seen as a significant relief for the general populace.
Naresh Chauhan, media advisor to the Chief Minister, emphasized the Congress party's long-standing demand for such reforms in the GST structure, citing the burden of multiple tax slabs on consumers. Although the much-anticipated decision comes late, it has been warmly welcomed.
However, the reduction in GST could lead to revenue losses for smaller states like Himachal Pradesh, which faces a shift from production to consumption-based tax collection. Despite this, relief in the agricultural and medical sectors is anticipated, with potential boosts for domestic products.
(With inputs from agencies.)
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