Yogi Adityanath Hails GST Reforms as Diwali Gift from PM Modi
Uttar Pradesh CM Yogi Adityanath commended the government's restructuring of GST rates, hailing it as a Diwali gift from PM Modi. Highlighting significant growth in GST collections, he described the reforms as a landmark in India's tax evolution, simplifying the system and benefiting taxpayers nationwide.
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Uttar Pradesh Chief Minister Yogi Adityanath has lauded the recent Goods and Services Tax (GST) rate reforms initiated by the central government, terming them a "Diwali gift" from Prime Minister Narendra Modi. Addressing media representatives in Lucknow, Adityanath expressed gratitude towards PM Modi and Finance Minister Nirmala Sitharaman for orchestrating these significant changes, which mark a pivotal phase in India's tax reform journey.
The Chief Minister highlighted the transition from multiple taxes to a unified system under GST, praising the measures for simplifying the tax landscape. "This initiative underscores the central government's commitment to streamlining taxation," he remarked. Adityanath also noted an exponential growth in GST collections, which now total ₹22.80 lakh crore, a remarkable increase from the initial ₹7 lakh crore collected in 2017, reflecting enhanced taxpayer engagement now numbering 1.52 crore.
The GST Council's decision on September 3 introduced restructured slabs of 5% and 18% by merging existing rates. Essential goods like food and medical equipment fall under the 5% slab, while most other goods and services, including electronics and motor vehicles, are categorized under the 18% slab. Moreover, a 40% rate applies to luxury items. Several vital services and educational tools remain GST-exempt, ensuring affordability and accessibility.
(With inputs from agencies.)
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