GST Reform Sparks Optimism: Slabs Overhauled for Economic Boost

Union Minister Gajendra Singh Shekhawat on Saturday commended the GST Council's recent decision to adjust tax rates, highlighting its potential impact on India's economic landscape. He expressed confidence that the revised GST slabs and reduced taxes on essential products would significantly boost the Indian economy, promoting growth in the marketplace.

During a press briefing, Shekhawat remarked on India's economic strides, noting, "With the GST slabs being revised and adjustments on common consumer products, we expect a considerable economic upturn and elevated market performance." This follows Finance Minister Nirmala Sitharaman's announcement of sweeping GST reductions to assist households, farmers, businesses, and healthcare sectors.

The 56th GST Council meeting introduced a revamped tax structure, consolidating rates into two main categories: a 5% slab for essentials like food and agricultural equipment, and an 18% standard rate for a wide range of goods and services. Additionally, luxury items will face a 40% rate, while critical services like healthcare and education remain exempt from GST.

(With inputs from agencies.)