GST Reforms Hailed Amidst Mixed Reactions: Relief or Delayed Wisdom?

In a significant political endorsement, Uttar Pradesh Bharatiya Janata Party (BJP) President Bhupendra Singh Chaudhary on Friday applauded Prime Minister Narendra Modi for the Goods and Services Tax (GST) reforms, terming them a 'huge relief' for the common man. 'This reform is monumental, offering significant respite ahead of Diwali,' Chaudhary remarked to ANI.

The GST Council, in its 56th meeting, moved to consolidate the tax rates into two primary slabs of 5% and 18%, phasing out the 2% and 28% categories. Union Finance Minister Nirmala Sitharaman emphasized the importance of ensuring the benefits of these reforms are felt by citizens nationwide.

Union Commerce Minister Piyush Goyal praised the GST reform, attributing the successful overhaul to Prime Minister Modi's vision. 'The streamlining of taxation underlines a shift towards ease of doing business, with essential goods becoming more affordable,' Goyal stated in a press conference, highlighting the unified approach by states.

Karnataka Chief Minister Siddaramiah welcomed the GST adjustments but noted they acknowledge long-standing opposition demands. He critiqued the federal handling, branding past GST implementation as hurried, and urging prompt distribution of GST compensation to states. Siddaramiah expressed concerns over potential revenue impacts and urged for responsible fiscal measures.

(With inputs from agencies.)