GST Reform: A Diwali Gift with Transformational Impact
The Indian government has announced significant reforms to Goods and Services Tax (GST) rates, reducing slabs to 5% and 18%, a move hailed as a transformational reform. Commerce Minister Piyush Goyal assures the benefits will reach citizens, boosting consumption and business, amid ongoing negotiations with the U.S on trade concerns.
- Country:
- India
In a sweeping reform to the Goods and Services Tax (GST), the Indian government has consolidated tax rates to 5% and 18%, a move intended to pass benefits to the common man, according to Union Commerce and Industry Minister Piyush Goyal.
The reform, which Goyal described as a 'Diwali gift' from Prime Minister Narendra Modi, aims to invigorate consumption, enhance the ease of doing business, and support the aspirations of ordinary citizens. The Minister expressed confidence that industries would honor their commitments to pass on these benefits.
Moreover, Goyal addressed concerns regarding U.S. tariffs on Indian goods, emphasizing ongoing negotiations for a fair and balanced agreement. The revised GST, effective from September 22, is hailed as a major transformation, expected to stimulate demand and simplify the tax structure.
(With inputs from agencies.)
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